Here’s a closer look at the top 15 states where residents most frequently carry credit card balances, based on the comprehensive study conducted by Upgraded Points using FINRA’s latest data:
- West Virginia
- 51.5% of cardholders sometimes carry a balance and pay interest.
- 39.2% only make the minimum payment.
- 12.5% use their card for a cash advance.
- Mississippi
- 51.3% of cardholders sometimes carry a balance and pay interest.
- 42.5% only make the minimum payment.
- 19.8% use their card for a cash advance.
- Alaska
- 49.1% of cardholders sometimes carry a balance and pay interest.
- 37.1% only make the minimum payment.
- 14.6% use their card for a cash advance.
- Arkansas
- 48.3% of cardholders sometimes carry a balance and pay interest.
- 40.7% only make the minimum payment.
- 18.1% use their card for a cash advance.
- Montana
- 48.2% of cardholders sometimes carry a balance and pay interest.
- 37.6% only make the minimum payment.
- 15.8% use their card for a cash advance.
- Oklahoma
- 48.2% of cardholders sometimes carry a balance and pay interest.
- 43.8% only make the minimum payment.
- 17.8% use their card for a cash advance.
- Texas
- 48.1% of cardholders sometimes carry a balance and pay interest.
- 40.9% only make the minimum payment.
- 19.1% use their card for a cash advance.
- Ohio
- 48.0% of cardholders sometimes carry a balance and pay interest.
- 36.5% only make the minimum payment.
- 14.2% use their card for a cash advance.
- New Hampshire
- 46.9% of cardholders sometimes carry a balance and pay interest.
- 34.0% only make the minimum payment.
- 10.3% use their card for a cash advance.
- North Carolina
- 46.7% of cardholders sometimes carry a balance and pay interest.
- 41.2% only make the minimum payment.
- 14.0% use their card for a cash advance.
- Rhode Island
- 46.6% of cardholders sometimes carry a balance and pay interest.
- 37.2% only make the minimum payment.
- 8.7% use their card for a cash advance.
- Georgia
- 46.5% of cardholders sometimes carry a balance and pay interest.
- 39.6% only make the minimum payment.
- 16.3% use their card for a cash advance.
- New Mexico
- 46.2% of cardholders sometimes carry a balance and pay interest.
- 38.9% only make the minimum payment.
- 15.5% use their card for a cash advance.
- North Dakota
- 46.0% of cardholders sometimes carry a balance and pay interest.
- 36.5% only make the minimum payment.
- 11.3% use their card for a cash advance.
- Idaho
- 45.9% of cardholders sometimes carry a balance and pay interest.
- 39.8% only make the minimum payment.
- 10.2% use their card for a cash advance.
This state-by-state analysis highlights the varying degrees of credit card dependency across the country, underscoring the importance of targeted financial education and debt management strategies to mitigate the impact of high interest rates and fees.