According to WalletHub, people across the United States have accrued roughly $1.35 trillion in credit card debt.
Now a separate study has determined which of the country’s cities have the highest — and lowest — such debt.
Published Thursday, people in Pennsylvania may be relieved to know that the study ranked Philadelphia and Pittsburgh — the only two cities in the Keystone State mentioned by the report — in 147th and 131st place, respectively. On a list of 181 cities total, this places both locations on the “lowest credit card debt” end of the spectrum.
On the other end of said spectrum sit New York, New York, in third; Chula Vista, California, in second; and Santa Clarita, California, in first.
“Santa Clarita, CA, is the city with the highest credit card debt per household,” the study elaborates. “The average household owes $22,753 on the credit cards, and that adds up to a total of over $1.7 billion for all of the residents collectively.
“However, since Santa Clarita has a much higher median income than the U.S. average, this indicates that people may simply have big credit card limits and can afford to spend a lot.”
WalletHub was able to determine these rankings by analyzing the latest financial data from TransUnion. Data from the U.S. Census Bureau, too, was incorporated for final results.
“It’s hard to look at a number like $1.35 trillion in credit card debt and truly understand the impact it has on individual Americans,” says WalletHub editor, John Kiernan. “Comparing the residents of cities based on how much debt they’re adding at the household level and what their average balance is puts things in perspective.
“Many people’s debt is in danger of becoming unsustainable, which means their financial future is in jeopardy.”