SOUTHLAND – (INT) - Newly released data from the Federal Reserve finds California ranks 1st among the states with the highest credit card debt increases.

• Increase in California Debt: The average credit card debt in California increased by $4,547,427,625 in Q2 2024.

• Average California Household Debt: The average household in California owes $13,416 in credit card debt.

• California Rank: California’s credit card debt increase ranks as the Highest in the nation.

National Stats
• Q2 Results: At $36 billion, the increase in credit card debt during Q2 2024 was around 17% smaller than the increase in Q2 2023.

• Debt Is Far Below the Peak: Total credit card debt is roughly $1.28 trillion after the Q2 increase, which is around 13% below the inflation-adjusted peak from December 2008.

• Household Debt Shows Breathing Room: The average household credit card balance as of Q2 2024 is around $10,680 after adjusting for inflation. That’s $1,991 below the peak from Q4 2007.

• Interest Rates Remain High for Now: The average credit card interest rate is 22.76%, which is just shy of a record high

Story Date: September 10, 2024