California leads nation in credit card debt
Despite recent declines in short- and long-term late payments to lenders, Americans across the country still owe billions in credit card debt.
A recent report by Equifax, a major credit reporting agency, found California citizens had more credit card debt than consumers in any other state, owing about $90 billion.
California nearly doubled the amount of debt held by Texas, the second place state on the list, which had a cumulative total of $48 billion in debt. Florida, Ohio and North Carolina rounded out the top five, respectively, the agency said.
“The good news is we’re seeing Americans paying off their debts and becoming more fiscally fit,” said Dianne Bernez, Equifax’s senior vice president for corporate communications. “However, the numbers show that while people’s intentions are good, Americans still have a lot of debt to tackle and often don’t know where to start.”
This report did not factor in other debt such as mortgages or student loans, both of which contributed heavily to the recent decline in overall consumer debt.