Credit agency TransUnion released some discouraging figures on Wednesday, proving that consumer debt and delinquency are still on the rise. That’s not news to anyone who’s been reading the headlines lately, but TransUnion also released some interesting facts about which states are the most delinquent, and which are the most - and least - indebted.
According to TransUnion Trend Data, a sampling of 27 million consumer records throughout the nation, Nevada residents are the most delinquent in all the fifty states, followed by Florida. The relatively high rate of credit card delinquency in those states (1.79 and 1.45 percent, respectively) is tied to the housing and mortgage crisis. Both states suffered from the fallout. On the other end of the spectrum, consumers from Vermont and North Dakota were the least likely to be delinquent on their credit card payments.
Which state’s citizens are the most indebted? Alaska, with an average credit card debt load of $2,486. Tennessee and Alabama round out the top three. People from Iowa and the Dakotas carried the least amount of credit card debt.
As a country, we’re not faring so well. The total average credit card debt is up 1.4 percent from the previous quarter, and 7.7 percent from a year ago. Ezra Becker, principal consultant in TransUnion’s financial services group, finds it remarkable that the demand for credit cards is higher than the available supply. Experts blame the recession and the fact that many people are suddenly finding themselves unemployed and with fewer resources available. In response, they turn to credit cards to make ends meet.
The figures from this study pertain to the third quarter of 2008, which ended September 30th.
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