A Revealing Look At Credit Card Debt In Montana

A Revealing Look At Credit Card Debt In Montana

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A Revealing Look At Credit Card Debt In Montana

In today's world, it's easier than ever to accumulate a decent amount of credit card debt if you're not careful!

After all, swiping a piece of plastic is pretty painless compared to handing over actual dollar bills.

With everybody demanding instant gratification, saving up for major purchases is almost a thing of the past.

After all, why wait when you can have it now, right?

Believe it or not when it comes to debt, according to WalletHub Americans have roughly $1.28 trillion tied up on credit cards.

A shocking $109 billion of that was accumulated just last year.

Well, the good news is that Montana isn't that bad off when it comes to overall credit card debt.

Credit Card Debt In Montana

According to a recent WalletHub study, Montana ranks low among states with the most credit card debt.

Here are a few takeaways from their study...

  • Increase in Montana Debt: Montana's average credit card debt increased by $131,738,827 in Q2 2024.
  • Average Montana Household Debt: The average household in Montana owes $7,208 in credit card debt.
  • Montana Rank: Montana’s credit card debt increase ranks 6th lowest in the nation.

To determine which states had the largest and smallest credit card debt increases from the first quarter to the second quarter of 2024, WalletHub analyzed data on consumers' finances from Trans Union and the Federal Reserve to adjust for inflation.

Source: WalletHub

Read Next: This Montana City Has The Largest Credit Card Debt

10 States Adding the Most Unsecured Personal Load Debt

According to WalletHub, these are the ten states that are adding the most unsecured personal loan debt.

"To determine the states adding the most unsecured personal loan debt, we analyzed WalletHub’s proprietary data on consumer debt.
 
Sources: The Data used to create this ranking were collected from the WalletHub database as of January 3, 2024.

Gallery Credit: Kyle Matthews

Know Your Rights: A State-by-State Guide to Debt Statute of Limitations

Discover the debt statute of limitations in your state. Explore the various types of debt and learn how long creditors have to legally pursue payment according to Forbes Magazine.

Gallery Credit: Scott Clow

Causes of Credit Card Debt

Credit Card debt in America sits at a record $986 billion. And 35% of American adults carry some kind of credit card balance. Developing good financial habits, such as budgeting, saving, and understanding credit card terms, can help prevent or manage credit card debt effectively. It's important to note that each individual's situation is unique, and a combination of these factors or other personal circumstances can contribute to credit card debt. Here are some of those factors

Gallery Credit: Dr. T

Filed Under: Credit Cards, debt, montana, Social Post
Categories: Articles

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