New Jersey Has High Credit Card Debt
Recent data reveals New Jersey consumers hold some of the highest average credit card balances nationwide. Analysts point to high incomes and lingering inflation as key drivers of increased borrowing.
Insights:
New Jersey consumers carry an average credit card balance of $9,733, leading the United States in household debt per a LendingTree report released in August. The state's high debt load tracks with its top-tier median income levels, giving residents larger credit lines. Higher borrowing costs across the nation highlight how households increasingly rely on revolving credit to absorb inflation shocks.
