Maryland

Maryland Ranks 16th among the States with the Highest Credit Card Debt Increases, According to Study

By MCS Staff

The personal-finance website WalletHub today released its latest rankings of the States with the Largest & Smallest Credit Card Debt Increases in Q2, based on newly released data from the Federal Reserve. Maryland’s credit card debt increase ranks as the 16thhighest in the nation.

Maryland Stats:

  • Increase in Maryland Debt: The average credit card debt in Maryland increased by $887,642,472 in Q2 2023.
  • Average Maryland Household Debt: The average household in Maryland owes $9,255 in credit card debt.

National Stats:

  • Large Debt Increase. Consumers ended Q2 2023 with almost $43 billion in additional credit card debt. That is the second-largest Q2 increase ever.
  • Year-Over-Year Deterioration. We added 16% more credit card debt in Q2 2023 than the same quarter last year.
  • Early Q3 Returns: Preliminary data for July shows a 7.72% increase in credit card debt compared to the same month last year.
  • High Average Household Debt. The average household credit card balance was $10,170 at the end of Q2 2023. That’s $2,242 below the record, set in Q4 2007.