We’ve been told that credit card debt for Americans has topped $1 trillion. Data released by the Federal Reserve, shows that consumers accumulated nearly $43 billion in additional credit card debt in Q2 this year. This marks the second-largest increase on record.
A recent report from personal finance website WalletHub has unveiled some concerning trends in credit card damage across the Hoosier state.
Indiana Ranks 19th in Q2 2023 Credit Card Debt Increases
In Indiana, the state saw an increase of $743,194,178 in credit card debt during the second quarter. This brought the average credit card debt per household in Indiana to $6,779. Indiana ranks 19th in the nation in terms of credit card debt increases.
The nationwide year-over-year trend is particularly concerning. Credit card obligation increased by a staggering 16% in Q2 2023 compared to the same quarter the previous year. This suggests that consumers are increasingly relying on their credit cards to make ends meet, which could be a sign of financial distress for many households.
Early indications for Q3 are not reassuring either. Preliminary data shows a 7.72% increase in credit card debt compared to the same month in the previous year. This hints at a continuation of the troubling trend.
These statistics highlight the importance of responsible financial management and budgeting, especially in a time when economic uncertainties persist. Credit card liability continues to rise nationally and in states like Indiana.
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Owe less than $6,779 of credit card debt? You’re above average in Indiana. was originally published on wibc.com