SCVNews.com | Wallet Hub: SCV Ranks Number 1 Among Cities with Biggest Credit Card Debt Paydown

The Wallet Hub recently completed its 2021 Credit Card Debt Survey, ranking Santa Clarita among the number one cities surveyed.

Putting pressure on consumers’ finances due to inflation, WalletHub, a personal financial website, today released two key reports highlighting additional barriers to address.

For starters, WalletHub Credit card debt review It turned out that consumers in 2021 have accumulated a new debt of 87.3 billion dollars. In addition, WalletHub Fed interest rate hike report It turned out that raising the Federal Reserve rate on March 16 on credit card debt will require an additional $ 1.6 – $ 3.2 billion next year alone.

Credit card debt in Santa Clarita.

-2021 Change in family debt – -4715 dollars

– The average household debt is $ 14,995

-2021 Total debt change – -325,518,832 dollars

The total outstanding debt is $ 1,035,346,780

Basic Credit Card Debt Statistics.

– Consumers have accumulated $ 87.3 billion in credit card debt in 2021.

– Credit card debt increased by $ 74.1 billion in the fourth quarter of 2021, which is the largest increase ever.

– The average balance of a family credit card at the end of 2021 was $ 8,590.

– The average annual growth of credit card debt over the last 10 years is only $ 48.5 billion.

– It the best balance transfer credit cards currently offer 0% APRs for the first 12-21 months with no annual fee և low balance transfer fees.

The main results of a credit card debt survey.

– Return to the habits of pre-epidemic expenses. Nearly half of Americans (47%) say that their credit card spending habits have returned to epidemic levels by 2022.

– More debts are expected in 2022. 33 million Americans will owe more credit cards by the end of 2022.

– Less debt stress for men. Women are 35% more likely than men to be stressed because of their credit card debt.

– Personal finances are better managed than the government. Nine out of 10 Americans say their personal finances are better managed than the federal government.

– Ready to do everything. More than a third (37%) of people with credit card debt say they will do anything to avoid debt.

Additional information:

The main results of the Fed rate hike survey.

– War changes our spending habits. 54% of Americans would reconsider their future spending because of the Ukraine war.

– Inflation concerns. 88% of Americans are worried about inflation right now.

– The prices are already too high. 148 million people think that their credit card interest rates are already too high.

– Many say that raising interest rates is bad. 55% of consumers think that raising the exchange rate is bad for their wallet.

To see the full rating, visit for more information Wallet Hub Website:.

SCVNews.com | Wallet Hub: SCV Ranks Number 1 Among Cities with Biggest Credit Card Debt Paydown
Source link SCVNews.com | Wallet Hub: SCV Ranks Number 1 Among Cities with Biggest Credit Card Debt Paydown

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