With the economy still on shaky ground as a new Covid variant emerges during the holiday shopping season, the personal-finance website WalletHub released its report on 2022’s Cities with the Most & Least-Sustainable Credit Card Debt in addition to its latest Credit Card Debt Study.
Credit Card Debt Study Key Stats:
-Q3 Increase. U.S. consumers racked up $23.6 billion in credit card debt during Q3 2021.
-Bigger-Than-Usual Increase. The increase in credit card debt during Q3 2021 was 46% bigger than the post-Great Recession average for a third quarter.
-Huge Reversal From Last Year. Credit card debt fell by $82 billion during 2020, and WalletHub now projects an increase of $70 billion in 2021.
-Lower Charge-Off. The 1.67% credit card charge-off rate for Q3 2021 is 34.3% lower than last quarter and 50% lower compared to last year. -Most and Least Sustain
-Most and Least Sustainable. The city with the most sustainable debt is Fremont, California while the city with the least sustainable debt is Miami.
Most Sustainable
Fremont, California
San Francisco, California
Irvine, California
Jersey City, New Jersey
San Jose, California
Madison, Wisconsin
Columbia, Maryland
New Haven, Connecticut
Seattle, Washington
Philadelphia, Pennsylvania
Least Sustainable
Miami, Forida
Hialeah, Forida
Knoxville, Tennessee
Gulfport, Mississippi
Missoula, Montana
Dallas, Texas
San Antonio, Texas
El Paso, Texas
Tucson, Arizona
Reno, Nevada