Americans are swimming in credit card debt. Credit card balances grew 6.6% in the second quarter of 2018 versus the same time in 2017, according to Experian data. The total balances for credit cards increased to $782 billion in Q1 2018 compared to $734 billion in Q2 2017.
Credit Card Debt by State
Some states are seeing their credit card debt increase more than others, with Nevada and Florida leading the pack. Here are the states that have seen the most and least growth in credit card debt, based on Experian's data for the first quarter.
In terms of new credit card accounts, South Dakota, North Carolina and Kentucky saw the greatest year-over-year growth in the first quarter. Every single state saw the number of new credit card account grow in Q2 2018 compared to last year.
How to Pay Down Your Credit Card Debt
The most important thing you can do to improve your credit card debt is to make sure to pay your bills on time. By doing so you can maintain a good credit score or repair your credit score. If needing repair is an issue, find out how much you owe by making a list of all the cards you have, your balances, and the minimum payment for each.
If needed, you can check your credit report for free to find out as they will be listed with the most recent reported balance. You can check your bank or credit card issuer to get the most up-to-date information.
From this point on, you need to determine the best approach the fits your financial situation. Here are some additional resources to help you pay down your credit card debt:
- How to Pay Off Credit Card Debt
- Should I Pay Off My Credit Card Debt Immediately or Over Time?
- How to Consolidate Credit Card Debt
- Get Out of Credit Card Debt
Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer or other company, and have not been reviewed, approved or otherwise endorsed by any of these entities. All information, including rates and fees, are accurate as of the date of publication.
This article was originally published on August 7, 2018, and has been updated.