Americans Set a Record in Credit Card Debt in Q2, Georgians Among Worst
American consumers are reverting to bad habits when it comes to credit card debt after a record reduction in 2020, and Georgia spenders are among the worst. A recent study by the personal finance website WalletHub focused on recently released second quarter figures.
It shows the average household in the state has nearly $8,700 ($8,699) in credit card debt. The study showed Georgians had the seventh biggest increase in debt from the first quarter to the second.
Analysts project consumers will add $110 billion in debt during 2022.
Analyst Jill Gonzalez says part of that is due to lingering effects of the pandemic as well as rising prices due to inflation. But the rising debt is cause for concern.