With inflation rising, it's no surprise many are turning to credit cards to help pay for everyday expenses. But the more we rely on credit cards, the more difficult it becomes to stay out of debt. Some even have to file for bankruptcy just to get by, making it nearly impossible to get a credit card or personal loan after bankruptcy, locking them in a cycle of poor financial health.

Statistics show that where you live can impact your financial health, especially when carrying a credit card balance. Here are the states that statistically have the highest credit card debt in the country.

The states with the highest average credit card debt

According to a survey done by WalletHub, these are the top 10 states whose residents carry the highest amounts of credit card debt, on average.

• Alaska - $11,277
• Hawaii - $10.190
• Virginia - $9,176
• Maryland - $9,120
• Connecticut - $9.088
• New Jersey - $8,956
• Colorado - $8.906
• Texas - $8,681
• Utah - $8,527

What these findings can tell us about debt

Most readers are surprised that stereotypically-expensive states such as New York and California didn't make this list. While both New York and California residents still carried debt (averaging $8,214 and $8,505, respectively), it seems their residents have more awareness of their costs of living and don't take on as much debt as residents who live in states that are typically seen as "cheaper."

These findings can tell us that no matter where you live, it's essential to be mindful of how much debt you're taking on and make sure you're responsibly managing your finances. Understanding your state's average credit card debt and making responsible choices can help keep you out of trouble and maintain a healthy financial outlook.

Tips for managing credit card debt

• Don't spend more than you can afford to pay back each month. The longer you carry a balance, the more interest you'll pay on purchases, raising the cost of goods you've already bought. When you're spending beyond your means, you're more likely to stay in debt.
• Keep track of your expenses and budget carefully to stay within your limits. Being mindful of your finances will help you avoid overspending and unnecessary debt accumulation.
• Use a debt consolidation loan. A consolidation loan offers lower interest rates and can help you get out of a difficult financial situation.
• Explore your options for debt reduction, such as a debt settlement. Debt reduction services offer significant benefits, such as lower interest rates, extended repayment options, and the ability to eliminate existing debt completely.
• Get creative to help avoid debt caused by inflation. For example, stash away money each month so that you have a cushion when prices increase. Start growing your own food in a small garden to mitigate rising food costs. You can also simply set up a spending limit for yourself and stick to it.
• Consider filing for bankruptcy if your debt situation becomes overwhelming. Filing for bankruptcy can be a last resort, but it can provide you with relief from unmanageable debt and the stigma that often comes with it.

The bottom line

There are many ways to manage your financial situation and avoid debt accumulation no matter where you live. By exploring your options and taking action when needed, you can ensure that you're taking the right steps to keep your finances healthy and stable.

See Campaign: https://www.credello.com

Contact Information:

Name: Michael BertiniEmail: [email protected]Job Title: Consultant