Credit Card Debt
Poll shows Alaska has high credit card debt
Monday, September 21, 2009
Brafton
According to the Phoenix Business Journal, which cited a survey conducted by the Corporation for Enterprise Development, Alaska residents carry an average of $4,755 in credit card debt. That makes the state the highest for average credit card debt.
Nevada came in second with an average credit card debt of $3,637. Arizona came in at third with $3,515 of credit card debt per resident. At $2,106, Iowa had the lowest average credit card debt.
Along with credit card debt, mortgage debt is also a problem for Arizona. The average amount of debt owed on homes is $169,200. That makes Arizona the fourth-lowest state when it comes to debt-to-mortgage value. Nevada was the lowest, with debt levels amounting to 103 percent of values.
As consumers in all states continue to deal with credit card debt, card issuers are facing their own problems. Credit card charge offs, which are debts lenders no longer expect will be repaid, saw increases during August. Of credit card issuers, Bank of America Corp. reported the highest increase in defaults, with charge offs rising from 13.81 percent in July to 14.54 percent in August.
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