PROVIDENCE – Rhode Islanders on average have the third-most credit card debt in New England, and the 15th most in the nation, according to a new study.
LendEDU, an online marketplace for financial products, estimates Rhode Islanders on average have $5,253 in credit card debt per person. The calculation was based on data from Experian.
The study largely showed a trend that more affluent states had greater credit card debt.
“Average credit card debt is an interesting statistic because it can be evaluated a couple of different ways,” according to the report. “High credit card debt can be interpreted as people spending above their means and not having the funds to repay the debt. However, it could be seen as an indication that those people feel confident in their repayment ability, thus making them more comfortable to spend freely.”
Rhode Island ranked No. 15 nationally, and No. 3 in New England. Connecticut ranked highest in New England with average credit card debt totaling $5,765 per person. New Hampshire ranked No. 2, Massachusetts ranked No. 4, Vermont ranked No. 5 and Maine ranked No. 6 with average credit card debt totaling $4,927.
Alaska ranked No. 1 with $7,238 and Iowa and Mississippi ranked last with $4,386.
Eli Sherman is a PBN staff writer.
