New York state ranked fourth nationwide in total credit-card debt at $58.2 billion in 2017, according to a report issued by State Comptroller Thomas P. DiNapoli in late May. New York had the seventh highest per-capita credit-card balance of all states in 2017, at $3,710, almost 20 percent higher than the national average of about $3,100 […]
New York state ranked fourth nationwide in total credit-card debt at $58.2 billion in 2017, according to a report issued by State Comptroller Thomas P. DiNapoli in late May.
New York had the seventh highest per-capita credit-card balance of all states in 2017, at $3,710, almost 20 percent higher than the national average of about $3,100 per capita. Alaska ranked first with a per-capita credit-card load of $4,270.
Although credit-card debt declined significantly in New York from 2008 through 2013, the trend reversed in 2014 as per-capita balances rose by more than 14 percent through 2017.
Last year, 8.3 percent of credit-card debt in New York state was delinquent by 90 days or more, higher than the national average of 7.5 percent. Nevada was the highest at nearly 11 percent.
In 2017, there were nearly 470 million credit-card accounts with available balances totaling $3.5 trillion nationwide. Credit cards are the most common method for consumer borrowing, according to the report.
The full report is available at: http://osc.state.ny.us/reports/economic/credit-card-debt-2018.pdf
