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Cities with the most and least credit card debt in every state

  • Cities with the most and least credit card debt in every state

    On its surface, the fact Americans paid down more than $38 billion in credit card debt during the first quarter of 2019 sounds like a good thing. Paying down debt like that represents a reduction in the amount owed by contributing partial payments toward the balance.

    In reality, that number—$38 billion—is 6% lower than the first quarter of 2018; meaning there has been an overall increase of $70 billion in net debt for 2019. For every year of this decade, Americans have started the year off by paying down debt (when things like holiday bonuses and tax refunds come in), but spend the next three quarters borrowing more and more. Though right now the total credit card debt is under the $1 trillion mark—yes, that's 1 million millions—that's likely to change by the end of the year.

    Of course, some areas are more prone to borrowing money than others, namely urban ones; in fact, there are 109 cities where the credit card debt per household is less than the national average. That leaves 2,453 with above-average credit card debt (25 of which owe more than $20,000 per household). Credit card debt in this country is nearing a crisis; the total level of debt is higher than at any point in 2008, during the financial crisis that represents the country's former peak of debt.

    If you're saddled with credit card debt, there are solid steps you can take to relieve the burden. First of all, choose an approach: snowball or avalanche. In both approaches, you should pay the minimum amount of every debt except one that you pay more on. For the snowball method, pay off the smallest debts first; you'll build up the motivation to tackle larger and larger debts until they're all paid off. For the avalanche method, pay off the debt with the highest interest rate first, then when that's done the second-highest, and so on. You'll end up paying less money overall in interest this way. Don't forget to keep a modest emergency fund in case of unexpected occurrences: a car breaking down, a sudden job loss, or an injury not covered by insurance.

    To figure out what credit card debt looks like in every state, Stacker consulted WalletHub's June 2019 study of Federal Reserve and TransUnion data on consumer finances to rank the cities in each state where households have the highest and lowest credit card debt in the first quarter (January, February, and March) of 2019.

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  • Alabama

    - City with the most debt: Vestavia Hills
    --- Household credit card debt: $16,010
    --- Household credit card paydown: $615
    --- Percentile: 89
    - City with the least debt: Sylacauga
    --- Household credit card debt: $8,731
    --- Household credit card paydown: $335
    --- Percentile: 6

  • Alaska

    - City with the most debt: Palmer
    --- Household credit card debt: $21,173
    --- Household credit card paydown: $813
    --- Percentile: 99
    - City with the least debt: Anchorage
    --- Household credit card debt: $16,106
    --- Household credit card paydown: $619
    --- Percentile: 90

  • Arizona

    - City with the most debt: Cave Creek
    --- Household credit card debt: $16,918
    --- Household credit card paydown: $650
    --- Percentile: 92
    - City with the least debt: Sun City West
    --- Household credit card debt: $7,150
    --- Household credit card paydown: $275
    --- Percentile: 1

  • Arkansas

    - City with the most debt: Bentonville
    --- Household credit card debt: $13,478
    --- Household credit card paydown: $518
    --- Percentile: 72
    - City with the least debt: Harrison
    --- Household credit card debt: $7,829
    --- Household credit card paydown: $301
    --- Percentile: 2

  • California

    - City with the most debt: Calabasas
    --- Household credit card debt: $24,331
    --- Household credit card paydown: $934
    --- Percentile: 99
    - City with the least debt: Laguna Woods
    --- Household credit card debt: $5,819
    --- Household credit card paydown: $223
    --- Percentile: 1

  • Colorado

    - City with the most debt: Monument
    --- Household credit card debt: $18,544
    --- Household credit card paydown: $712
    --- Percentile: 97
    - City with the least debt: Wheat Ridge
    --- Household credit card debt: $9,733
    --- Household credit card paydown: $374
    --- Percentile: 19

  • Connecticut

    - City with the most debt: Darien
    --- Household credit card debt: $27,652
    --- Household credit card paydown: $1,062
    --- Percentile: 99
    - City with the least debt: New Britain
    --- Household credit card debt: $8,379
    --- Household credit card paydown: $322
    --- Percentile: 4

  • Delaware

    - City with the most debt: Newark
    --- Household credit card debt: $16,384
    --- Household credit card paydown: $629
    --- Percentile: 91
    - City with the least debt: Seaford
    --- Household credit card debt: $9,365
    --- Household credit card paydown: $360
    --- Percentile: 14

  • Florida

    - City with the most debt: Coral Gables
    --- Household credit card debt: $23,212
    --- Household credit card paydown: $891
    --- Percentile: 99
    - City with the least debt: Sun City Center
    --- Household credit card debt: $6,140
    --- Household credit card paydown: $236
    --- Percentile: 1

  • Georgia

    - City with the most debt: Evans
    --- Household credit card debt: $18,076
    --- Household credit card paydown: $694
    --- Percentile: 96
    - City with the least debt: Forest Park
    --- Household credit card debt: $6,576
    --- Household credit card paydown: $253
    --- Percentile: 1

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