According to a report put together by WalletHub, New York has experienced the fourth-highest increase in credit card debt among all states in the second quarter of 2023. This conclusion was reached based upon data recently released by the Federal Reserve, as well as data from TransUnion and the United States Census Bureau.
The average credit card debt in the state of New York increased by $2,821,527,680 in the second quarter of 2023, ranking as the fourth-highest in the nation. Only California ($5,412,310,336), Texas ($3,944,711,993) and Florida ($3,087,038,580) experienced a larger increase.
The total credit card debt in New York accumulated in the second quarter of 2023 came out to $79,608,721,593. According to the report, the average New York household owes $8,964 in credit card debt. This marks a $375 increase compared to the previous quarter.
When combining the amount of credit card debt from all 50 states, the total comes out to more than $1.2 trillion. This includes $116 billion that came from just last year.