The average amount of credit card debt Massachusetts residents are carrying is continuing to rise.
The average credit card debt has reached $8,674 so far in 2024, according to Federal Reserve Bank of New York and U.S. Census Bureau data analyzed by USA Today . The statistics, collected from 2024 and 2023 data sets, are a significant increase from pre-pandemic numbers.
At the close of 2019, the average household had a credit card debt of $7,499. During the first quarter of 2021, it dropped to $6,209.
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In 2022, credit card debt rose again to $7,951 and has increased linearly. In 2023, it reached $8,599 — $75 shy of the 2024 average.
Among age demographics, Generation X has the highest average debt with $9,255, according to data from credit reporting agency Experian that was analyzed by USA Today .
Baby Boomers ($6,648), millennials ($6,642), the Silent Generation ($3,375), and Generation Z ($3,266) followed.
Men and women had similar average levels of credit card debt, with men having an average of $125 more, $6,357 to $6,232.
States with the highest average credit card debt were Alaska ($7,863), the District of Columbia ($7,548), New Jersey ($7,401), Connecticut ($7,381) and Maryland ($7,282), according to data in a 2023 Experian report .
Iowa had the lowest ($5,227), followed by Wisconsin ($5,242), Kentucky ($5,304), West Virginia ($5,348) and Mississippi ($5,415).
Marital assets and debts is one issue that must be addressed during a Massachusetts divorce proceedings.
Should you be in the midst of a divorce or contemplating divorce, contact the Law Offices of Renee Lazar at 978-844-4095 to schedule a FREE one hour no obligation consultation.