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%.