South Dakota posts country’s 4th smallest credit card debt increase

Wallet Hub ReportSeptember 9, 2021Business
South Dakota posts country's 4th smallest credit card debt increase

After a record-setting year for credit card debt reduction in 2020, U.S. consumers are once again adding new credit card debt by the billion, racking up $45.7 billion during Q2 2021, according to WalletHub’s latest Credit Card Debt Study, released today. That is an all-time record for credit card debt added during the second quarter of a year, and WalletHub now projects that consumers will add a total of $100 billion in debt during 2021.

The rise in debt is not uniform across the country, though, as some areas have bigger payment problems than others. With that in mind, WalletHub compared all of the states based on how much residents owe to credit card companies – specifically, how those balances changed in Q2. Please find key takeaways below, along with commentary from WalletHub experts (audio and video files included).

  • South Dakota Debt: The average household in South Dakota owes $6,074 in credit card debt, following a $280 Q2 increase.
  • Record Q2 Increase. Credit card debt increased by almost $45.7 billion during Q2 2021, an all-time record for the second quarter of the year.
  • Bigger-Than-Normal Buildup. Consumers’ Q2 2021 credit card debt increase was 2.6X bigger than the post-Great Recession average for a second quarter.
  • Record Annual Projection. WalletHub projects that consumers will end the year with roughly $100 billion more in credit card debt than they started with, which would be close to an annual record.
  • Ease Your Debt. The best balance transfer credit cards currently offer 0% APRs for the first 18-20 months with no annual fee and balance transfer fees as low as 3%.

 

Biggest Q2 Debt Increase Smallest Q2 Debt Increase
California Vermont
Texas Wyoming
Florida North Dakota
New York South Dakota
Illinois Alaska