The States with the Lowest Holiday Credit Card Debt
Holiday spending is picking up steam throughout the United States as shoppers buy gifts for their loved ones. In the midst of this high-spending season, consumers in some states handle the shopping better than others.
In fact, credit card debt actually decreases in a couple areas during the holiday season, despite the increased spending.
In reviewing the statistics from last year’s holiday season, here are the top 10 states with the lowest incremental credit card debt:
- Alaska: Decreased 1.7% from $8,038 in November 2013 to $7,902 in January 2014
- Washington, D.C.: Decreased 0.86% from $5,973 to $5,922
- Montana: Increased 0.95% from $4,864 to $4,910
- Oregon: Increased 1.52% from $5,362 to $5,443
- Oklahoma: Increased 1.73% from $5,180 to $5,269
- Idaho: Increased 1.76% from $4,961 to $5,048
- Nebraska: Increased 1.92% from $5,211 to $5,311
- South Dakota: Increased 2.02% from $4,998 to $5,099
- Nevada: Increased 2.26% from $5,585 to $5,711
- Arkansas: Increased 2.37% from $4,959 to $5,076
With 80% of consumers planning to spend money on their credit cards this Christmas season, holiday credit card debt may be on the rise throughout the nation. According to a Bankrate study, the average credit card debt increased 3.5% during last year’s holiday season.
If last year is an indication of anything though, it seems that shoppers in some states have done a good job handling their holiday shopping.