WalletHub just released its latest rankings on the states with the largest and smallest increases in credit card debt. As always, Florida is making the top 5, coming in third for the biggest rise in debt.
The average household balance is around $10,680, and Florida stands at an average of $12, 252 and interest rates are hovering at 22.76%. If you’re feeling the pinch, there are some solid balance transfer credit cards offering 0% APRs for up to 21 months.
While credit card debt increased by $36 billion, that’s a 17% smaller bump compared to last year. Good news? We’re still way below the peak we hit back in December 2008. The total debt now stands at about $1.28 trillion—13% below that record.
So, what’s the takeaway? Credit card debt is rising so make sure to keep an eye on your balances and consider transferring if you can snag a great rate.