Many things can have impacts on a person’s overall debt and financial situation. This includes how high of a credit card balance he or she has. A recent report indicates that such balances are typically pretty high here in New Jersey.
The 24/7 Wall St. report, using statistics from creditcards.com, ranked the states based on average credit card balance.
According to the report, as of 2017, the average credit card balance in New Jersey was $7,151. This is almost $800 higher than the national average ($6,354).
It also gave New Jersey the 4th highest average balance in the country. The top spot was held by Alaska, with a balance of $8,515. Meanwhile the state with the lowest average balance was Iowa ($5,155).
Many things can lead to high credit card balances, including high everyday expenses. The data cited in the report suggest that facing high expenses may be very common here in New Jersey. According to the report, the cost of living in New Jersey is 13.2 percent higher than the national average. This puts in New Jersey in the top 5 for highest cost of living.
When a person has a high credit card balance, many things can impact how manageable this debt is, including his or her income situation. When circumstances are such that such high debt becomes unmanageable, there can be the potential for major financial damage.
However, it is important for individuals in such circumstances to not despair and to know that there is hope of recovery from credit card debt struggles. For example, in some cases, Chapter 7 bankruptcy can clear out credit card debt and help put a person on the path to a better financial future. Skilled bankruptcy attorneys can give individuals with overwhelming credit card debt guidance on whether bankruptcy could help them with protecting their long-term financial well-being.