Here’s how high credit card debt is in every state

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Credit card debt is intrinsically tied to financial health. It can snowball quickly and is often incredibly hard to get rid of.

“The challenge with credit card debt is the high interest rates,” said Howard Pressman, certified financial planner and partner at Egan, Berger and Weiner. “If there isn’t a lot of debt, it’s not the worst thing for your finances. But if there is a lot, it can really restrict you from reaching other goals.”

Most people incur credit card debt because they are spending more than they are earning, said David Haas, certified financial planner and president of Cereus Financial Advisors. If too much of one’s income is spent on credit card payments, there’s no room left over for savings or other living expenses. Too much debt can keep you from preparing for emergencies.

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How does credit card debt affect you?

Not only does credit card debt lower your credit score, it may prevent you from getting the best rates on other loans, like mortgages or car loans. It can also affect your insurance premiums — here’s how.

The average American has a credit card balance of $6,506, according to credit bureau Experian. We looked at how credit card debt affects people in different areas by comparing the average credit card debt level to median income in each state. This gives us an idea of the size of the average debt burden by state and how able the average resident is to pay it off.

Image Credit: DepositPhotos.com.

Have credit card debt?

“If you are only making minimum payments on your credit card and have interest-only loans, then you are definitely not financially healthy,” said Haas.

 

To begin dealing with debt, first understand how your income is spent. The easiest way to track spending is with a budget. Try this downloadable spreadsheet here and consider a popular budgeting app.

Once you determine the source of the credit card debt, set up a plan to pay it off. One way is by paying off the smaller debts first and then tackling the largest last, known as the “snowball” method. Here are other ways to pay off debt.

If lowering expenses isn’t an option, consider increasing income with a different job or a side hustle.

Here’s the credit card debt to income ratio in each state.

Image Credit: DepositPhotos.com.

Alabama

Credit card debt to income ratio: 13.06%

Image Credit: Sean Pavone.

Alaska

Credit card debt to income ratio: 11.35%

Image Credit: Chilkoot.

Arizona

Credit card debt to income ratio: 12.18%

Image Credit: DepositPhotos.com.

Arkansas

Credit card debt to income ratio: 13.26%

Image Credit: Tara Ballard.

California

Credit card debt to income ratio: 10.01%

Image Credit: DepositPhotos.com.

Colorado

Credit card debt to income ratio: 10.47%

Want to get a jump start on dealing with bad credit? Here’s how to read a credit report.

Image Credit: DepositPhotos.com.

Connecticut

Credit card debt to income ratio: 10.05%

Image Credit: DepositPhotos.com.

Delaware

Credit card debt to income ratio: 10.33%

Image Credit: iStock.

District of Colombia

Credit card debt to income ratio: 9.55%

Image Credit: DepositPhotos.com.

Florida

Credit card debt to income ratio: 12.90%

Image Credit: DepositPhotos.com.

Georgia

Credit card debt to income ratio: 12.89%

Image Credit: SeanPavonePhoto.

Hawaii

Credit card debt to income ratio: 9.73%

Image Credit: Art Wager.

Idaho

Credit card debt to income ratio: 11.46%

Want to boost your credit score? It may cost you some data.

Image Credit: DepositPhotos.com.

Illinois

Credit card debt to income ratio: 10.74%

Image Credit: ibsky.

Indiana

Credit card debt to income ratio: 10.84%

Image Credit: DepositPhotos.com.

Iowa

Credit card debt to income ratio: 9.26%

Image Credit: DepositPhotos.com.

Kansas

Credit card debt to income ratio: 11.20%

Image Credit: Michael Pham.

Kentucky

Credit card debt to income ratio: 12.00%

Image Credit: DepositPhotos.com.

Louisiana

Credit card debt to income ratio: 13.44%

Image Credit: DepositPhotos.com.

Maine

Credit card debt to income ratio: 10.89%

Want to learn more on debt? Here’s the states with the highest (and lowest) auto loan debt

Image Credit: DepositPhotos.com.

Maryland

Credit card debt to income ratio: 9.15%

Image Credit: DepositPhotos.com.

Massachusetts

Credit card debt to income ratio: 8.73%

Image Credit: DenisTangneyJr/istockphoto.

Michigan

Credit card debt to income ratio: 10.88%

Image Credit: csterken.

Minnesota

Credit card debt to income ratio: 9.19%

Image Credit: JoeChristensen.

Mississippi

Credit card debt to income ratio: 13.18%

Image Credit: DepositPhotos.com.

Missouri

Credit card debt to income ratio: 11.70%

Image Credit: DepositPhotos.com.

Montana

Credit card debt to income ratio: 11.87%

Here are some easy ways to pay off your debt.

Image Credit: DepositPhotos.com.

Nebraska

Credit card debt to income ratio: 10.15%

Image Credit: DepositPhotos.com.

Nevada

Credit card debt to income ratio: 11.90%

Image Credit: DepositPhotos.com.

New Hampshire

Credit card debt to income ratio: 9.19%

Image Credit: DenisTangneyJr.

New Jersey

Credit card debt to income ratio: 9.59%

Image Credit: DepositPhotos.com.

New Mexico

Credit card debt to income ratio: 13.62%

Image Credit: Davel5957.

New York

Credit card debt to income ratio: 10.91%

Image Credit: DepositPhotos.com.

North Carolina

Credit card debt to income ratio: 12.46%

Did you know some good behaviors actually mess with your credit? Learn more here.

Image Credit: DepositPhotos.com.

North Dakota

Credit card debt to income ratio: 9.23%

Image Credit: DepositPhotos.com.

Ohio

Credit card debt to income ratio: 11.28%

Image Credit: Pixabay.com.

Oklahoma

Credit card debt to income ratio: 12.95%

Image Credit: DepositPhotos.com.

Oregon

Credit card debt to income ratio: 10.91%

Image Credit: DepositPhotos.com.

Pennsylvania

Credit card debt to income ratio: 10.96%

Image Credit: HaizhanZheng/istockphoto.

Rhode Island

Credit card debt to income ratio: 10.73%

Image Credit: DepositPhotos.com.

South Carolina

Credit card debt to income ratio: 12.91%

This is why you need to pay attention to your credit score.

Image Credit: Joesboy.

South Dakota

Credit card debt to income ratio: 10.66%

Image Credit: iStock.

Tennessee

Credit card debt to income ratio: 12.57%

Image Credit: Dyersburg, Tennessee by Paul Sableman (CC BY).

Texas

Credit card debt to income ratio: 12.37%

Image Credit: DepositPhotos.com.

Utah

Credit card debt to income ratio: 9.32%

Image Credit: DepositPhotos.com.

Vermont

Credit card debt to income ratio: 10.35%

Image Credit: ” DonLand”.

Virginia

Credit card debt to income ratio: 10.67%

Image Credit: tmersh.

Washington

Credit card debt to income ratio: 10.11%

Want to raise your credit score? Try disputing mistakes on your credit report. Here’s how.

Image Credit: 4nadia.

West Virginia

Credit card debt to income ratio: 12.70%

Image Credit: DepositPhotos.com.

Wisconsin

Credit card debt to income ratio: 9.59%

Image Credit: DepositPhotos.com.

Wyoming

Credit card debt to income ratio: 10.36%

This article originally appeared on Policygenius and was syndicated by MediaFeed.org.

Image Credit: AnujSahaiPhotography.

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