(The Center Square) – Credit card debt continues to rise to all-time record highs in the United States. However, a recent study shows that Kentuckians aren’t racking up debt like people in other states.
According to the report by WalletHub, the Bluegrass State had the fifth-lowest average household credit card debt at $6,809 during the second quarter of the year. That grew by $285 from the first quarter, and Kentucky tied with Maine for the fifth-smallest increase in the nation.
The report used data from TransUnion and the Federal Reserve to come up with the totals and averages, both of which have also been adjusted for inflation.
In terms of total debt, Kentuckians have amassed a total credit card debt of $14.04 billion, an increase of $497.7 million since the first quarter of the year. That was 28th overall in the study, but by comparison, Kentucky’s population is the 26th highest.
Nationally, Americans added nearly $43 billion to their card balances, the highest increase ever for a second quarter, according to WalletHub. It also nearly offset the $45.4 billion decrease experienced during the first quarter of the year.
The overall balance due stands at more than $1.2 trillion.
Of Kentucky’s neighboring states, only Indiana has a lower average debt. Hoosiers are among the most frugal in the nation, as their $6,779 average balance is the third lowest nationally. Ohioans also are watching what they spend. Their average balance of $6,862 is the 10th-lowest nationally.
Virginia carries the highest average among Kentucky’s neighboring states. At $8,922, it’s the 11th-highest nationally.
WalletHub found that Wisconsin residents carry the least amount of credit card debt, with an average of $6,208.
The highest averages can be found outside the continental U.S. Hawaiians owe $10,637 per household, and the average in Alaska is $10,142. Both states also had the highest increases in the second quarter, at $445 and $424, respectively.
