The 10 cities where American families have the most credit card debt via CNBCMakeIt
In 2018, total credit card debt in the U.S. reached a high of more than $1 trillion, according to data from the Federal Reserve. As of 2019, individual households hold an average amount of nearly $9,000 each in credit card debt, financial website WalletHub reports, using data from the U.S. Census Bureau, TransUnion and the Federal Reserve.
To determine where families owe the most, CNBC Make It used WalletHub's data to rank the top 10 cities where households have the highest average amounts of credit card debt.Average household credit card debt: $24,962Average household credit card debt: $25,797Average household credit card debt: $28,645It's no surprise that seven of the top 10 cities are in notoriously expensive states: Hawaii, Connecticut, New York and California.
Almost one in four, or 23 percent, of millennials say they've been carrying a credit card balance for at least a year, according to financial website CreditCards.com. And over one in 10 say they've had credit card debt for more than five years. Being in debt can affect other important parts of your life as well, keeping you from earning more and getting what you want, professionally, says personal finance expert Suze Orman."When you are in debt, you feel it," she says, and"your boss can feel that," too. In essence, she says,"you render yourself powerless."
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