Credit card debt goes up in Washington, across the US

Sep 22, 2023, 7:08 AM | Updated: 8:11 am

Credit card debt state...

Credit card debt is up in Washington and across the nation. (AP Photo/Wilfredo Lee, File)

(AP Photo/Wilfredo Lee, File)

If you have a high credit card debt and you live in the state of Washington, you are not alone.

WalletHub compared the 50 states based on the latest consumer-finance data available from TransUnion and the Federal Reserve, adjusted for inflation and determined the average household in Washington owes $8,463 in credit card debt.

Overall, Washington ranked 13th in the U.S., in total credit card debt with over $29.26 billion overall, including over $1 billion in debt incurred in the second quarter of 2023.

Other Washington news: Bonney Lake left stunned, saddened after thieves steal ‘The Ascent’ statue

“When credit card use increases, it’s usually a symptom of some kind of underlying problem,” Michelle Lambright Black, founder of Creditwriter.com, recently told CBS News. “And recently, consumers have been facing a lot of issues. Inflation has been rampant for several months. Prices on consumer goods are up and that’s like a pay cut.”

Black said that rising interest rates make credit card debt even more difficult to tackle. Credit card interest rates were about 16.2% in May 2022. Over a year later, those rates are hovering around 22.3%.

Source: WalletHub

“Between inflation and rising interest rates, it’s just placing a strain on the finances of many Americans,” Black added. “That’s just causing credit card debt to soar as we are seeing.”

The age group that has the largest debt is those 40 to 49 years old. They have an average debt of more than $7,000. Members of Generation Z owe approximately $2,400 in debt. Black said that Gen Z was not the most responsible necessarily and generally have the lowest credit limits.

California finished No. 1 in the findings with a total of over $152.71 billion in credit card debt. That breaks down to nearly $9,800 per household. Texas is second, owing just shy of $111.3 billion, with $9,216 per household.

Alaska ($10,142) and Hawaii ($10,637) have the most credit card debt per household.

At the bottom of the list, Wyoming was 50th with nearly $2.09 billion, $7,667 per household, still a substantial number. Vermont was 49th with a total of $2.22 billion, $7,162 per household.

Wisconsin ($17.59 billion) and Iowa ($9.38 billion) have more total credit debt than Wyoming and Vermont, but those states rank first and second, respectively, in lowest credit debt per household. Wisconsin sits at $6,208 and Iowa is at $6,231.

Contributing: Steve Coogan

Local News

FILE - In this Dec. 27, 2012, file photo, a variety of military-style semi-automatic rifles obtaine...

L.B. Gilbert

Another judge sides with Washington on upholding gun control legislation

For the fourth time in less than four months, a federal judge agreed with Attorney General Bob Ferguson, ruling to reject another attempt to block Washington's new law regulating firearms.

1 hour ago

coast guard current search...

L.B. Gilbert

Woman swept away by current, Coast Guard searching waters near La Push

A search is underway for a 26-year-old woman who may have been swept into the ocean off the Washington coast in Clallam County late Monday morning.

2 hours ago

(Photo from KIRO 7)...

Bridget Chavez, KIRO 7 News

Burien leaders voice opinions as city council votes to ban camping by razor-thin margin

Starting November 1, public camping will no longer be allowed within the Burien city limits. A controversial ordinance passed by the Burien City Council bans camping in public spaces between the hours of 10:00 p.m. and 6:00 a.m.

2 hours ago

KYIV, UKRAINE - 2022/09/03: A man looks at an image generated based on the stories of displaced chi...

Associated Press

Tech companies try to take AI image generators mainstream with better protections against misuse

Artificial intelligence tools that can conjure whimsical artwork or realistic-looking images from written commands started wowing the public last year. But most people don't actually use them at work or home.

3 hours ago

Image: A photo from Seattle's Southpaw Barbershop (Photo courtesy of Tommy Andrade via KIRO Newsrad...

Jake Skorheim

Skorheim: Ex-Tesla engineer becomes barber who cuts foster kids’ hair for free

I recently had Tommy Andrade on KIRO Nights to chat about something very unique he and his co-owner have started doing at Southpaw Barber Shop in Seattle.

15 hours ago

Seattle patient...

Bill Kaczaraba

Wash. hospitals in capacity crisis; beds per capita worst in US

Washington has fewer beds per capita than any other state, and between one and two out of every 10 beds are taken by patients who don't need to be there.

16 hours ago

Sponsored Articles

Swedish Cyberknife...

September is Prostate Cancer Awareness Month

September is a busy month on the sports calendar and also holds a very special designation: Prostate Cancer Awareness Month.

Ziply Fiber...

Dan Miller

The truth about Gigs, Gs and other internet marketing jargon

If you’re confused by internet technologies and marketing jargon, you’re not alone. Here's how you can make an informed decision.

Education families...

Education that meets the needs of students, families

Washington Virtual Academies (WAVA) is a program of Omak School District that is a full-time online public school for students in grades K-12.

Emergency preparedness...

Emergency planning for the worst-case scenario

What would you do if you woke up in the middle of the night and heard an intruder in your kitchen? West Coast Armory North can help.

Innovative Education...

The Power of an Innovative Education

Parents and students in Washington state have the power to reimagine the K-12 educational experience through Insight School of Washington.

Medicare fraud...

If you’re on Medicare, you can help stop fraud!

Fraud costs Medicare an estimated $60 billion each year and ultimately raises the cost of health care for everyone.

Credit card debt goes up in Washington, across the US