Despite the recent economic upturn, residents of the Buckeye State are still struggling to control their credit card use and are racking up billions in debt with lenders.
According to a recent study by Equifax, one of the nation’s top credit reporting agencies, Ohio ranks third in the nation among states with the highest credit card balances.
The Canton and Toledo metropolitan areas ranked high in the national survey, coming in at number two and three, respectively, in the top 10 metropolitan areas with the highest percentage of income owned to lenders in the U.S. In addition, the regional area that covers Youngstown, Warren and Boardman also ranked 8th in the study.
Despite an average income of nearly $40,000, consumers in the Youngstown region owed $1.4 billion credit card debt. The average household in his area saw 15.6 percent of their income go toward payments to lenders, the news source reports.
Recent data suggests credit card debt is strongly linked to income, as unemployed workers are increasingly turning to the payment method to meet their monthly bill requirements. As of December 2010, unemployment in Ohio was 9.3 percent.