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WalletHub reports: $23.6B hike in credit card debt in Q3 2021 and cities with the least sustainable debt

With the economy still on shaky ground as a new Covid variant emerges during the holiday shopping season, the personal-finance website WalletHub today released its report on 2022’s Cities with the Most & Least-Sustainable Credit Card Debt in addition to its latest Credit Card Debt Study.

Most-Sustainable Credit Card Debt Least-Sustainable Credit Card Debt
Fremont, CA Miami, FL
San Francisco, CA Hialeah, FL
Irvine, CA Knoxville, TN
Jersey City, NJ Gulfport, MS
San Jose, CA Missoula, MT
Madison, WI Dallas, TX
Columbia, MD San Antonio, TX
New Haven, CT El Paso, TX
Seattle, WA Tucson, AZ
Philadelphia, PA Reno, NV

For the full rankings, please visit: https://wallethub.com/edu/cities-with-the-least-sustainable-credit-card-debt/86237

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 Sustainable. The city with the most sustainable debt is Fremont, California while the city with the least sustainable debt is Miami.
  • Ease Your Debt. The best balance transfer credit cards currently offer 0% APRs for the first 18-21 months with no annual fee and balance transfer fees as low as 3%.
This article was released by WalletHub.