According to data released by the Federal Reserve and reported by Wallethub, the average household in Washington owes $8,463 in credit card debt.
. “And recently, consumers have been facing a lot of issues. Inflation has been rampant for several months. Prices on consumer goods are up and that’s like a pay cut.”
Black said that rising interest rates make credit card debt even more difficult to tackle. Credit card interest rates were about 16.2% in May 2022. Now, those rates are hovering around 22.3%.“Between inflation and rising interest rates, it’s just placing a strain on the finances of many Americans,” Black said. “That’s just causing credit card debt to soar as we are seeing.”
The age group that has the largest debt is those 40 to 49 years old. They have an average debt of more than $7,000. Gen Z’ers owe approximately $2,400 in debt. Black said that Gen Z was not the most responsible necessarily and generally have the lowest credit limits. California holds the dubious distinction of being No. 1 in the findings with a household credit card debt of almost $10,000. Texas is second at $9,216.
At the bottom, or good end of the list, Wyoming was 50th with $7,667 per household, still a substantial number. Vermont was 49th with just over $7,000.