HOUSTON (CW39) Our Credit Cards often get a workout, during the holiday season. In January, most of us hope to get our finances in order. But, in 2021, it could be a lot harder, then in years past.
In a study conducted by LendingTree Researchers, Houston ranks at number four on the list of 50 largest cities in the U.S., with high credit card debt. The median balance of debt on Houstonians Credit Cards is $3,720 ! Another Texas city… right in Austin, they sit at number 2, with $3,911. The city with the highest median balance is Hartford, Conn., with $3,994 in credit card debt going into 2021. The lowest median card debt among the top metros was found in Salt Lake City at $2,636.
The three cities with the highest percentage of credit card users carrying over a balance into 2021 are San Francisco (90%), San Jose, Calif. (89.4%), and Boston (88.6%). The lowest percentage of balance carriers are in Oklahoma City (74.2%), Memphis, Tenn. (74.4%), and San Antonio (75.7%).
Overall, more than 8 in 10 credit card users (83.1%) in the 50 biggest metros are carrying card debt into 2021, owing a median balance of $3,239.
LendingTree used a sample of more than 40,000 of it’s users for it’s study. If you’d like more information and to see the full report, head to the LendingTree Website.