ATLANTA – Georgia recently ranked in the top 10 among states with the highest credit card debt increases based on a new study by WalletHub.

Release:

The personal-finance website WalletHub 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.

Georgia Stats:

• Increase in Georgia Debt: The average credit card debt in Georgia increased by $1,457,839,505 in Q2 2023.
   
• Average Georgia Household Debt: The average household in Georgia owes $8,976 in credit card debt.
   
• Georgia Rank: Georgia’s credit card debt increase ranks as the 7^th 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.