New report says 6 cities from California make the top 10 for highest credit card debt

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CALIFORNIA – A WalletHub report, published June 19, found that 6 California cities are in the top 10 of having the highest credit card debt.

Santa Clarita came in #1 for city with the highest credit card debt at $21,836.

According to Crowdfund Insider, 89% of survey respondents now use credit cards for everyday purchases due to inflation’s effects, contributing to rising credit card debt and financial stress.​

High credit-card debt cities

WalletHub says they compared more than 180 cities based upon the latest data from TransUnion and the Federal Reserve.

Here are the top 10 cities with the highest credit-card debts per household:

  1.  Santa Clarita, CA ($21,836)
  2.  Chula Vista, CA ($20,920)
  3.  New York, NY ($19,207)
  4.  Fontana, CA ($18,843)
  5.  Rancho Cucamonga, CA ($18,549)
  6.  Pearl City, HI ($18,525)
  7.  Riverside, CA ($18,094)
  8.  Oxnard, CA ($18,068)
  9.  Chesapeake, VA ($17,993)
  10.  Pembroke Pines, FL ($17,896)
Photo credit: WalletHub

“Some of the cities where households owe the most credit card debt, like Santa Clarita and Chula Vista, CA, have high median incomes, high debt payoff rates and low delinquency rates; this indicates that residents may simply have high credit card limits and can afford to borrow more,” said WalletHub Analyst Cassandra Happe.

WalletHub previously ranked Santa Clarita as the city that paid off the most household debt during Q1 2024. Chula Vista residents paid off the fourth-most household debt during Q1 2024.

The analysts say other cities, like New York with $19,207 in credit-card debt, have high average credit card debts driven more by financial struggles, which can be seen in the number of people who are in financial distress or who are delinquent on their debt.

Cities with the least amount of credit-card debt are Toledo, OH ($9,161), Madison, WI ($9,275), Cleveland, OH ($9,561), Lewiston, ME ($9,676), and Akron, OH ($9,830).

Americans owe $1.26 trillion in credit card debt

According to the report, nationwide Americans owe $1.26 trillion in credit card debt, which comes out to nearly $10,500 per household. 

“We’re expected to increase the total by another $120 billion this year, too, which is an indicator of how out-of-control spending has become,” said WalletHub writer Adam McCann.

Strategies to reduce credit card debt in a high inflation environment include prioritize paying more than the minimum payment, cutting non-essential expenses, considering debt consolidation, and seeking additional income sources

To read the full list of cities with the highest and lowest credit card debts visit https://wallethub.com/edu/cities-with-the-highest-and-lowest-credit-card-debts/138569

RELATED: Report says unaffordable housing markets in California pose threat to middle class’s survival

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