The Average Massachusetts Credit Card User Has This Much Debt

Americans are up to their eyeballs in credit card debt.

A New York Federal Reserve report says total credit card debt rose to $1.14 trillion from April to June 2024. That's up about $27 billion, or one percent, from the previous quarter.

Fox Business reports, "Credit card delinquencies continued to rise from their pre-pandemic levels in the second quarter." According to the site, "As of June, about 9.1 percent of outstanding credit card debt was in some stage of delinquency, up from 8.5 percent the previous quarter."

The average credit card annual percentage rate topped 20 recently, a new record high.

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LendingTree.com says, "Credit Card holders in New Jersey have the highest average credit card debt of any state, according to LendingTree data, while those in Mississippi have the lowest."

Connecticut credit card holders have the second-highest average credit card debt, Massachusetts is fifth, and Rhode Island is ninth.

The average Connecticut credit card debt was $8,640 in the fourth quarter of 2023. It was $8,447 in Massachusetts and $7,872 in Rhode Island.

The Massachusetts Office of Economic Development (OED) says, "Credit is a normal part of life. It can be a valuable tool permitting you to buy a home or a car, finance an education, or take advantage of special sales and offers."

OED says, "Abusing credit can lead to financial problems." The office suggests you learn your "legal rights and remedies" to help resolve those problems.

Fox Business says the average American has about $5,000 in credit card debt. With annual percentage rates what they are, the network says, "It would take about 279 months and $8,124 in interest to pay off the debt making the minimum payments."