States Where Residents Most Rely on Credit â 2020 Edition
Perhaps counterintuitively, consumer credit card debt has fallen since the beginning of the COVID-19 crisis. Federal reserve data shows that the total amount of revolving consumer credit, which primarily consists of credit cards charges, fell below one trillion in April 2020 for the first time in close to two years. Data from Experian tells a similar story. Between the end of Q2 2019 and Q2 2020, the average credit card balance of borrowers fell by about 11% from $6,629 to $5,897. Though average credit card debt is decreasing nationally, it remains high in some states and may increase during the holiday season. In this study, SmartAsset looked at states where residents tend to rely on credit the most. Using data from Experian and the Census Bureau, we ranked all 50 states and the Distric...