Americans owe $1.08 trillion dollars in credit card debt as interest rates soar to a two-decade high.
That's making it tough for more families sitting down to pay the monthly bills. The Federal Reserve of New York finds more than 5% of credit card balances are 90-days past due or at least behind in the second quarter of 2023.
WalletHub's most recent study finds the average credit card balance is $10,170 per household, which is $2,242 below the all-time record set in 2007.
The average APR is 22.7%.
People between the ages of 30 to 59 are most likely to be feeling the squeeze. Wallet Hub analyst Cassie Happe says Texas came in 47th of the nation's 50 states with an average credit score of 680. In the Lone Star State the median credit card debt per person is $3,229 based off October data from Trans union. Excellent credit above 750 but no state achieves that. New Hampshire, Vermont, Massachusetts, and Wisconsin residents had the next highest average scores ranging from 725 to 717. Texas is in the bottom five ahead of Alabama, Louisiana and Mississippi (672).
Happe says in Texas the median credit card debt per person is $3,229.
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