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One of the most recent studies conducted reveals that a number of families in the United States are still trying hard to bring their finances under control. Conducted by Equifax, one of three major credit bureaus, this study revealed that there are certain households in the United States which have 17% of their total income going towards clearing off huge credit card debts. It also says that the problem could be even bigger than expected because the study did not take into account store specific cards.
Now that the holiday season is a thing of the past, consumer spending habits were also analyzed as a part of the study. Though the total credit card debt came down by about 4 percent as compared to last year, the average consumer debt is still high at $4200. Unfortunately, residents in certain states of the country have credit card debts way above this national average.
San Antonio in Texas leads the pack of cities that have high credit card debt with an average of $5177 per household. This is whopping 20% higher than the average for the rest of the country. The CEO of South Texas Money Management, an advisory firm based in San Antonio, Jeanie Wyatt said that the main reason for high credit card debts is this region is that most residents fall under the category of working class people and live off paychecks.
With average credit card debt of $5115 and $4960, Jacksonville in Florida and Atlanta in Georgia take up the second and third spot respectively. Honolulu, Hawaii occupies the fourth spot with average credit card debt hovering at $4939 and the fifth spot goes to Dallas, Texas where the average debt per household is $4936.
