A new report from WalletHub revealed that Texas households have accumulated the second-highest quarterly increase of credit card debt out of any state this year.
The study, titled "States with Largest and Smallest Credit Card Debt Increases," sought to figure out which states had the largest and smallest credit card debt increases between Q1 2023 and Q2 2023. To determine the rankings, WalletHub collected and analyzed data from the U.S. Census Bureau, Federal Reserve and TransUnion.
Through its findings, WalletHub discovered that Texas residents had a collective credit card debt of over $111 billion, which was an increase of almost $4 billion over the first quarter. This was the second-highest rise in credit card debt in the U.S., with the Lone Star State only trailing California — which had an increase of almost $5.5 billion in that category.
In terms of credit card debt per household, Texas was found to have averaged $9,216, which was $385 more on average than what Texans owed in the previous quarter.
The three other states that joined California and Texas in the top five credit debt increases were Florida (over $3 billion), New York (over $2.8 billion) and Illinois (over $1.6 billion). On the other hand, the five states with the lowest increases in debt, according to the study, were Wyoming (over $73 million), Vermont (over $78 million), North Dakota (over $90 million), South Dakota (over $99 million) and Alaska (over $110n million).
Looking at the larger picture, the study found that Americans had finished Q2 with almost $43 billion in additional credit card debt, which was the second-largest Q2 increase in the nation's history, according to WalletHub.
To view the study in full, head over to the WalletHub website.
