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We’ve been told that credit card debt for Americans has topped $1 trillion. Data released by the Federal Reserve, shows that consumers accumulated nearly $43 billion in additional credit card debt in Q2 this year. This marks the second-largest increase on record.
A recent report from personal finance website WalletHub has unveiled some concerning trends in credit card damage across the Hoosier state.
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Indiana Ranks 19th in Q2 2023 Credit Card Debt Increases
In Indiana, the state saw an increase of $743,194,178 in credit card debt during the second quarter. This brought the average credit card debt per household in Indiana to $6,779. Indiana ranks 19th in the nation in terms of credit card debt increases.
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The nationwide year-over-year trend is particularly concerning. Credit card obligation increased by a staggering 16% in Q2 2023 compared to the same quarter the previous year. This suggests that consumers are increasingly relying on their credit cards to make ends meet, which could be a sign of financial distress for many households.
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Early indications for Q3 are not reassuring either. Preliminary data shows a 7.72% increase in credit card debt compared to the same month in the previous year. This hints at a continuation of the troubling trend.
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These statistics highlight the importance of responsible financial management and budgeting, especially in a time when economic uncertainties persist. Credit card liability continues to rise nationally and in states like Indiana.