Florida has emerged as the state with the most credit card debt relative to income, boasting a troubling figure of 6.95%. Despite not having the highest average credit card debt in dollar terms, the state ranks first when debt is compared to income. Floridians on average hold $4,540 in debt, the sixth highest in the US, with an alarming 13.22% increase over the past year. Furthermore, Florida has the second-highest credit card delinquency rate, which has risen from 9.37% to 11.68% within a year. Louisiana, Texas, Nevada, and Georgia also feature prominently in the list of states struggling with credit card debt, indicated by high delinquency rates and significant annual increases in average debt.
Read the full article here.