Texas ranks in the top 10 for credit card debt in the nation

A new report Texans average a credit card balance: $6,902, with an average credit score of 656 and an average number of three credit cards.

According to the Federal Reserve, Americans owe a record more than one-trillion-dollars in credit card debt. That’s up from less than $854 billion five years ago.

Creditcards.com finds only 40 percent of Americans make enough to pay off their balance every month. 24/7 Wall St. reviewed the average bank card balance from creditcards.com to identify the states with the most credit card debt.

Texas ranked seventh--Alaska, Connecticut, Virginia, New Jersey, Maryland and Hawaii are worse than us.

Money Management International’s Thomas Nietzsche said of all those, Texas is the only state that has a lower cost of living than the national average.

"Military service members tend to carry more debt and Texas does have the highest number of military service members in the country, behind California," said Nietzsche.

He said senior citizens in Texas also carry more auto loan debt.

"If you're more burdened by a mortgage or car payment, you might be more likely to have increased credit card debt, as well," said Nietzsche.

He said their clients getting debt managing counseling have an average of about $19,000 in credit card debt, compared to the national average of $6,400.

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