Wisconsin ranked No. 8 state with least credit card debt per borrower
A recent Moneywise analysis of household debt statistics released in May 2023 by the Federal Reserve Bank of New York reveals which states have the highest amount of credit card debt per borrower.
According to the study, Mississippi is the state with the least credit card debt per borrower, with an average of $2,450 each. Wisconsin ranks eighth with an average of $2,820 per borrower, following Indiana, Iowa, Alabama, Arkansas, and Kentucky.
The study revealed that Alaska is the state with the most credit card debt, with an average of $4,430 in credit card debt per borrower.
Moneywise says that the average amount of per-person debt has crept up year by year in a cycle that continues with the ever-increasing price of goods. It also cited the Consumer Financial Protection Bureau’s finding that Americans pay nearly $120 billion in credit card fees and interest each year.