Many Americans Still Struggling with Credit Card Debt

Published

September 8, 2014

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Californians owe more to credit card lenders than consumers in other states, according to a new study by the credit monitoring bureau Equifax. In total, these Americans owe nearly $90.6 billion, well ahead of the states with the next two largest outstanding balances, Texas – more than $48.8 billion – and Florida – nearly $47.6 billion.

“The good news is we’re seeing Americans paying off their debts and becoming more fiscally fit,” said Dianne Bernez, senior vice president for corporate communications at Equifax. “However, the numbers show that while people’s intentions are good, Americans still have a lot of debt to tackle and often don’t know where to start.”

Meanwhile, Ohioans owe close to $29 billion, the report said. North Carolina and Washington round out the list of those states deepest in credit card debt at almost $22.4 billion and just under $18.3 billion, respectively.

However, many Americans have greatly reduced their personal debt load in the last year, leading to fewer defaulted and delinquent accounts for lenders to handle.