The personal-finance website WalletHub today released its latest rankings of the States with the Largest & Smallest Credit Card Debt Increases in Q2, based on newly released data from the Federal Reserve.
North Carolina Stats:
- Increase in North Carolina Debt: The average credit card debt in North Carolina increased by $1,293,846,261 in Q2 2023.
- Average North Carolina Household Debt: The average household in North Carolina owes $7,671 in credit card debt.
- North Carolina Rank: North Carolina’s credit card debt increase ranks as the 10th highest in the nation.
National Stats:
- Large Debt Increase. Consumers ended Q2 2023 with almost $43 billion in additional credit card debt. That is the second-largest Q2 increase ever.
- Year-Over-Year Deterioration. We added 16% more credit card debt in Q2 2023 than the same quarter last year.
- Early Q3 Returns: Preliminary data for July shows a 7.72% increase in credit card debt compared to the same month last year.
- High Average Household Debt. The average household credit card balance was $10,170 at the end of Q2 2023. That’s $2,242 below the record, set in Q4 2007.
States with Largest Credit Card Debt Increases:
| Overall Rank* | State | Household Credit Card Debt | Household Credit Card Debt Increase | Total Credit Card Debt | Total Credit Card Debt Increase |
|---|---|---|---|---|---|
| 1 | California | $9,796 | $409 | $152,707,028,131 | $5,412,310,336 |
| 2 | Texas | $9,216 | $385 | $111,299,095,554 | $3,944,711,993 |
| 3 | Florida | $9,053 | $378 | $87,100,047,481 | $3,087,038,580 |
| 4 | New York | $8,964 | $375 | $79,608,721,593 | $2,821,527,680 |
| 5 | Illinois | $8,046 | $336 | $46,785,492,452 | $1,658,192,210 |
| 6 | Pennsylvania | $7,517 | $314 | $45,638,259,152 | $1,617,531,457 |
| 7 | Georgia | $8,976 | $375 | $41,132,589,305 | $1,457,839,505 |
| 8 | Ohio | $6,862 | $287 | $38,478,365,000 | $1,363,767,308 |
| 9 | New Jersey | $9,468 | $396 | $37,935,342,142 | $1,344,521,250 |
| 10 | North Carolina | $7,671 | $321 | $36,505,559,579 | $1,293,846,261 |
| 11 | Virginia | $8,922 | $373 | $34,185,723,807 | $1,211,625,611 |
| 12 | Michigan | $7,036 | $294 | $33,002,084,763 | $1,169,674,550 |
| 13 | Washington | $8,463 | $354 | $29,263,052,269 | $1,037,154,100 |
| 14 | Massachusetts | $8,364 | $350 | $26,778,059,145 | $949,079,869 |
| 15 | Arizona | $8,294 | $347 | $26,252,537,823 | $930,454,109 |
| 16 | Maryland | $9,255 | $387 | $25,044,617,827 | $887,642,472 |
| 17 | Tennessee | $7,635 | $319 | $23,996,529,679 | $850,495,666 |
| 18 | Colorado | $8,644 | $361 | $22,712,539,058 | $804,987,900 |
| 19 | Indiana | $6,779 | $283 | $20,969,044,134 | $743,194,178 |
| 20 | Missouri | $7,220 | $302 | $20,725,310,386 | $734,555,659 |
| 21 | Minnesota | $7,138 | $298 | $18,766,109,990 | $665,116,808 |
| 22 | South Carolina | $7,898 | $330 | $18,410,182,983 | $652,501,885 |
| 23 | Wisconsin | $6,208 | $260 | $17,586,742,296 | $623,317,134 |
| 24 | Alabama | $7,683 | $321 | $17,243,459,338 | $611,150,347 |
| 25 | Louisiana | $7,863 | $329 | $16,216,867,660 | $574,765,428 |
| 26 | Connecticut | $9,176 | $384 | $15,121,949,171 | $535,958,841 |
| 27 | Oregon | $7,592 | $317 | $14,846,493,946 | $526,196,035 |
| 28 | Kentucky | $6,809 | $285 | $14,041,989,667 | $497,682,436 |
| 29 | Oklahoma | $7,784 | $325 | $13,806,603,759 | $489,339,784 |
| 30 | Nevada | $8,891 | $372 | $11,975,180,515 | $424,429,668 |
| 31 | Utah | $8,741 | $365 | $10,655,990,345 | $377,674,344 |
| 32 | Kansas | $7,320 | $306 | $9,839,521,471 | $348,736,692 |
| 33 | Arkansas | $7,107 | $297 | $9,711,154,335 | $344,187,046 |
| 34 | Iowa | $6,231 | $260 | $9,376,937,949 | $332,341,601 |
| 35 | Mississippi | $7,119 | $298 | $9,308,936,878 | $329,931,477 |
| 36 | New Mexico | $7,569 | $316 | $7,120,402,432 | $252,364,466 |
| 37 | Nebraska | $6,795 | $284 | $6,146,327,688 | $217,840,877 |
| 38 | Hawaii | $10,637 | $445 | $6,001,890,391 | $212,721,666 |
| 39 | Idaho | $7,702 | $322 | $5,969,280,559 | $211,565,894 |
| 40 | West Virginia | $6,836 | $286 | $5,735,252,837 | $203,271,379 |
| 41 | New Hampshire | $8,171 | $342 | $5,208,864,702 | $184,614,897 |
| 42 | Maine | $6,827 | $285 | $4,598,113,019 | $162,968,364 |
| 43 | Rhode Island | $7,973 | $333 | $4,013,323,777 | $142,242,004 |
| 44 | Montana | $7,213 | $302 | $3,713,401,358 | $131,612,021 |
| 45 | Delaware | $8,252 | $345 | $3,708,988,992 | $131,455,636 |
| 46 | Alaska | $10,142 | $424 | $3,116,725,269 | $110,464,362 |
| 47 | South Dakota | $6,857 | $287 | $2,796,354,319 | $99,109,632 |
| 48 | North Dakota | $6,848 | $286 | $2,556,574,989 | $90,611,267 |
| 49 | Vermont | $7,162 | $299 | $2,217,420,313 | $78,590,796 |
| 50 | Wyoming | $7,667 | $321 | $2,085,816,678 | $73,926,441 |
*1 = Largest Credit Card Debt Increase
Note: Debt figures have been adjusted for inflation as of September 1, 2023.
