A recent report shows that Connecticut residents have the highest credit card debt in the nation, even though rising interest rates are pushing the cost of carrying credit card debt higher.
According to loan company Lending Tree, the Nutmeg State had average credit card debt of $9,408 per credit card holder in the first quarter of 2023.
That was 29% higher than the national average of $7,279.
Connecticut’s placed ahead of No. 2 New York (with average credit card de of $9,165), New Jersey ($9,044) and Rhode Island ($8,701).
Nationally, the report said Americans carried $986 billion of credit card debt. It’s the highest since the Federal Reserve Bank of New York began tracking the data in 1999.
Also, this is the first time since 2001 in which credit card debt didn’t fall in the first quarter of a year.
Nationwide, 25 states saw their average credit card debt grow by 10% or more during the first quarter on 2023, according to the report.
