A new study conducted by H&P Law, the Las Vegas personal injury lawyers, has revealed significant disparities in credit card debt across the United States. The research indicates that Connecticut residents carry the highest average credit card debt, while Iowa residents owe the least.
Top 5 States with the Highest Credit Card Debt
| Rank | State | Average Credit Card Debt | Median Household Income | Debt as a Percentage of Income |
| 1. | Connecticut | $5,800 | $91,665 | 6% |
| 2. | Colorado | $5,720 | $92,911 | 6% |
| 3. | Maryland | $5,000 | $98,678 | 5% |
| 4. | Florida | $5,000 | $73,311 | 7% |
| 5. | Arizona | $5,000 | $77,315 | 6% |
States with the Highest Average Credit Card Debt
Connecticut – $5,800
Connecticut tops the list with an average credit card debt of $5,800 per household. Despite a median annual household income of $91,665, this debt accounts for approximately 6% of households yearly earnings. The state’s high cost of living and consumer spending habits may contribute to this elevated debt level.
Colorado – $5,720
Colorado residents carry an average of $5,720 in credit card debt per household. With a median income of $92,911, the debt represents about 6% of annual earnings. The state’s rapidly growing economy and population influx might influence increased consumer spending and debt levels.
Maryland – $5,000
Maryland ranks third, with residents carrying an average of $5,000 in credit card debt. While the median household income is relatively high at $98,678, credit card debt still constitutes 5% of annual income. Proximity to expensive metropolitan areas like Washington, D.C., may impact spending patterns.
Florida – $5,000
Florida households have an average credit card debt of $5,000, but notably, this debt represents 7% of the median household income of $73,311, the highest percentage among all states. This suggests that Floridians may rely more heavily on credit cards, relative to their income.
Arizona – $5,000
Arizona residents also carry an average of $5,000 in credit card debt, amounting to 6% of the median annual income of $77,315. Economic conditions and consumer behaviors in the state could be contributing factors to this debt level.
Bottom 5 States with Lowest Average Credit Card Debt
| Rank | State | Average Credit Card Debt | Median Household Income | Debt as a Percentage of Income |
| 1. | Iowa | $1,500 | $71,433 | 2% |
| 2. | Louisiana | $2,000 | $58,229 | 3% |
| 3. | Wisconsin | $2,500 | $74,631 | 3% |
| 4. | Oklahoma | $2,500 | $62,138 | 4% |
| 5. | Missouri | $2,750 | $68,545 | 4% |
Iowa – $1,500
Iowa has the lowest average credit card debt in the nation, with residents owing just $1,500 on average. With a median household income of $71,433, this debt represents only 2% of annual earnings, suggesting a more conservative approach to credit usage.
Louisiana – $2,000
Louisiana’s average credit card debt stands at $2,000 per household, which is about 3% of the median income of $58,229. Economic factors and cautious spending habits may contribute to these lower debt levels.
Wisconsin – $2,500
Wisconsin residents carry an average credit card debt of $2,500. With a median household income of $74,631, this debt amounts to 3% of annual earnings, indicating prudent financial management.
Oklahoma – $2,500
Oklahoma households owe an average of $2,500 in credit card debt, representing 4% of the median annual income of $62,138. This lower debt level may reflect cost-of-living factors and spending behaviors.
Missouri – $2,750
Missouri’s average credit card debt is $2,750 per household, which is approximately 4% of the state’s median income of $68,545. Residents may benefit from lower living costs and conservative credit use.
Matthew Pfau, partner at H&P Law, commented on the findings,
“This study highlights how credit card debt levels can vary dramatically across each state. But regardless of where you live, managing the debt is vital. Many people turn to strategies such as the avalanche strategy, where you pay off the highest interest debts first. This minimizes the long term financial strain.
“Debt management strategies will point you in the right direction, but it’s wise to consult with a financial professional who can understand the bigger picture of your situation.”
