{"id":205285,"date":"2024-09-10T09:11:16","date_gmt":"2024-09-10T13:11:16","guid":{"rendered":"https:\/\/thegeorgiasun.com\/?p=205285"},"modified":"2024-09-10T09:11:21","modified_gmt":"2024-09-10T13:11:21","slug":"how-high-is-credit-card-debt-in-georgia","status":"publish","type":"post","link":"https:\/\/thegeorgiasun.com\/?p=205285","title":{"rendered":"How High is Credit Card Debt in Georgia?"},"content":{"rendered":"\n<p>Residents of Georgia are running up their credit card debt, according to a new report released by <a href=\"https:\/\/wallethub.com\/edu\/credit-card-debt-by-state\/128227\">WalletHub<\/a>. The data, gathered from TransUnion and the Federal Reserve, highlights a growing trend of financial strain across the country. Georgia ranks among the top states experiencing some of the highest debt increases.<\/p>\n\n\n\n<p><strong>The Details:<\/strong> In the second quarter of 2024, Georgia&#8217;s total credit card debt increased by $1.48 billion, marking one of the largest jumps in the country. The average household in Georgia now carries $9,119 in credit card debt. WalletHub\u2019s analysis places the state at the 7th highest position in the nation for credit card debt increases.<\/p>\n\n\n\n<p><strong>National Perspective:<\/strong> Nationally, credit card debt saw an increase of $36 billion in the second quarter of 2024. This marks a 17% reduction in growth compared to the same quarter in 2023. Despite this, total credit card debt stands at $1.28 trillion, still 13% below the <a href=\"https:\/\/thegeorgiasun.com\/georgia-by-the-numbers\/inflation-watch-georgians-face-significant-financial-distress\/\" data-type=\"post\" data-id=\"201192\">inflation<\/a>-adjusted peak from December 2008.<\/p>\n\n\n\n<p>While overall credit card balances remain lower than historical highs, households continue to feel the pressure of rising costs. The average household credit card balance sits at $10,680, which is almost $2,000 lower than the peak in late 2007.<\/p>\n\n\n\n<p><strong>Why It Matters:<\/strong> Though the rate of debt increase is slowing, the burden of high-interest rates remains a challenge for consumers. The average credit card interest rate in the U.S. is 22.76%, close to a record high. With these elevated rates, families struggling with rising balances face significant financial strain. Georgia households, in particular, are among those feeling the impact.<\/p>\n\n\n\n<p>Early data from July indicates that credit card debt continues to climb, setting a new record in absolute terms. However, when adjusted for inflation, the rise was more moderate at 4% compared to the same period last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Residents of Georgia are running up their credit card debt, according to a new report released by WalletHub. The data, gathered from TransUnion and the Federal Reserve, highlights a growing trend of financial strain across the country. Georgia ranks among the top states experiencing some of the highest debt increases. The Details: In the second [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":36553,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-205285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","entry"],"_links":{"self":[{"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=\/wp\/v2\/posts\/205285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=205285"}],"version-history":[{"count":0,"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=\/wp\/v2\/posts\/205285\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=\/wp\/v2\/posts\/36553"}],"wp:attachment":[{"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=205285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=205285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=205285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}