Texas ranks 2nd among the states with the highest credit card debt increases

The personal-finance website WalletHub today released its latest rankings of the States with the Largest & Smallest Credit Card Debt Increases in Q2, based on newly released data from the Federal Reserve.
Texas Stats:
Increase in Texas Debt: The average credit card debt in Texas increased by $3,944,711,993 in Q2 2023.
Average Texas Household Debt: The average household in Texas owes $9,216 in credit card debt.
Texas Rank: Texas’s credit card debt increase ranks as the 2nd highest in the nation.
National Stats:
Large Debt Increase. Consumers ended Q2 2023 with almost $43 billion in additional credit card debt. That is the second-largest Q2 increase ever.
Year-Over-Year Deterioration. We added 16% more credit card debt in Q2 2023 than the same quarter last year.
Early Q3 Returns: Preliminary data for July shows a 7.72% increase in credit card debt compared to the same month last year.
High Average Household Debt. The average household credit card balance was $10,170 at the end of Q2 2023. That’s $2,242 below the record, set in Q4 2007.
Best Balance Transfer Credit Cards. The best balance transfer credit card is the Citi Simplicity® Card. It offers a 0% introductory APR for the first 21 months, does not charge an annual fee, and has a competitive balance transfer fee.

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