Saturday, May 12, 2012
Americans love their credit cards, some more than others.
Residents of Arkansas and New Jersey currently have the heaviest credit card debts, according to the Federal Reserve. Arkansans carry an average of $4,060 per person, making their state the most indebted to the plastic on a per capita basis.
New Jersey residents have a per capita load of $3,690, putting them in second after Arkansas.
Hawaii ($3,580), Colorado ($3,560) and Connecticut ($3,510) round out the top five in terms of credit card debt.
As a nation, the U.S. had more than $800 billion in outstanding credit card debt at the end of 2011. Total consumer debt stood at $11.5 trillion, with mortgages representing 72% of the amount.
-Noel Brinkerhoff
To Learn More:
10 States With the Highest Credit Card Debt Per Person (by Christian Hudspeth, Investing Answers)
Quarterly Report on Household Debt and Credit (Federal Reserve Bank of New York) (pdf)
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