Rich Or Poor, The Average Credit Card Debt Of Montanans Might Surprise You
The Average Credit Card Debt Of Montanans
Credit card debt in America is a financial barometer that reflects both individual spending habits and broader economic trends.
Recent data from Experian® for the third quarter of 2022 sheds light on how Americans stack up against each other in this financial arena.
As of the third quarter of 2022, the average American carried a credit card debt of $5,910.
This marked a notable 13.2% surge from the previous year's average of $5,221.
The increase reversed a trend of declining average debt over the past couple of years.
However, it's important to note that the current figure hasn't reached the pre-pandemic levels of 2019, which stood at $6,239.
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Key Credit Card Debt Takeaways
- Range of Debt: Across the United States, the spectrum of average credit card debt in 2022 spanned from $4,808 to $7,338, highlighting the diversity in financial situations among different regions and demographics.
- Generational Divide: When broken down by generations, Generation Z emerged with the lowest average credit card debt, while Generation X carried the highest burden. This disparity among generations reflects varying financial attitudes and circumstances.
- Education and Debt: A striking correlation between education levels and average credit card debt became evident. Higher educational attainment seemed to correlate with higher average credit card debt, suggesting potential factors related to earning capacity, lifestyle choices, and financial management skills.
- Racial Demographics: Delving into racial demographics, the data revealed differences in average credit card debt among groups. Black non-Hispanics carried the lowest average debt, while white non-Hispanics had the highest, showcasing disparities that intersect with socioeconomic factors and financial access.
As for Montana, the average Credit Card Debt is $5,385, according to CapitolOne.
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