FARGO, N.D. (KFGO) – ChamberofCommerce.org has released a report breaking down the average credit card debt that Americans owe by state. The report aims to help by focusing on particular states, specific dollar amounts, startling statistics on interest and minimum payments, and revealing correlations regarding the credit card vice that’s currently gripping Americans – some worse than others.
The report finds North Dakota is one of three states with the average, lowest credit card debt. Minnesota has an average credit card debt of $7,391. South Dakota’s is $7,199,
The over-use of credit cards has caused minimum payments to take thousands of dollars from unwitting (or financially-helpless) Americans in the form of interest.
ChamberofCommerce.org found that individuals in several states are spending an extra $10,000 on their credit card purchases by only paying the minimum each month, something the Federal Reserve confirms is the norm for over 40% of debt-carrying Americans.
ChamberofCommerce.org created this report by compiling and analyzing data from the Federal Reserve (total credit card balances) and the U.S. Census Bureau (median annual household income). Interest payments and other related statistics were calculated separately.