PROVIDENCE – Rhode Island is eighth among the states with the lowest credit card debt increases, according to a WalletHub study published Monday.
Researchers at the personal finance website analyzed the latest data on consumers’ finances from TransUnion, as well as the Federal Reserve, adjusted for inflation, to determine the states with the largest and smallest credit card debt increase from the first quarter to second quarter of 2023.
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Data showed credit card debt in Rhode Island increased by $142 million in the second quarter of 2023, with the average household owing $7,973 in credit card debt.
Wyoming had the lowest credit card increase, according to the study. That state’s credit card debt increased $74 million, with average household owing $7,667 in credit card debt. Vermont, North Dakota, South Dakota and Alaska rounded out the lowest five states.
California had the highest credit card debt increase. The Golden State’s credit card debt increased $5.4 billion, with the average household carrying a credit-card debt of $9,796. Texas, Florida, New York and Illinois rounded out the top five.
Among states with the highest credit card debt increases, Massachusetts ranked first in New England and 14th overall. The Bay State saw a $949 million increase in total credit card debt in the second quarter, with the average household carrying a credit card debt of $8,364. Connecticut was 26th-highest overall.
The full report can be found here.
