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SD-Credit Card Debt

SD-Credit Card Debt

South Dakota Posts Country’s 4th Smallest Q2 Credit Card Debt Increase


News Staff - September 12, 2019

UNDATED - The personal-finance website WalletHub today released two key reports. Its latest Credit Card Debt Study found that consumers racked up $35.6 billion in credit card debt during Q2 2019 – an all-time record for the second quarter of the year. South Dakota is responsible for roughly $85.5 million of that increase.
 
Plus, the Fed Rate Cut Survey revealed that a Federal Reserve interest rate cut on Sept. 18, which 7 in 10 people support, would save people with credit card debt $1.6 billion in the next year alone. Residents of South Dakota can expect to save around $3.8 million.
 
Below, you can find a handful of highlights from these reports.

  • South Dakota Debt: The average household in South Dakota owes $7,515 in credit card debt, following a $252 Q2 increase.
     
  • Record Debt Nationally: U.S. consumers added $35.6 billion in new credit card debt during the second quarter of 2019 – the largest second-quarter build-up ever. WalletHub projects that consumers will end the year with a net increase of $70 billion in credit card debt.
     
  • High Interest Rates: 68% of Americans say the interest rates on their loans are too high.
     
  • Consumer Savings: Credit card users will save roughly $1.6 billion in interest if the Fed cuts its target rate again. The average household currently owes $8,602.
     
  • Mixed Consumer Sentiment: 41% of people say they will feel more confident in the economy if the Fed cuts its target rate in September.

 

States with the Biggest Q2 Debt Increases States with the Smallest Q2 Debt Increases
California Delaware
Texas South Dakota
Florida North Dakota
New York Wyoming
Illinois Vermont


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