According to the personal finance website WalletHub, Americans’ situation with credit-card debt is not good. Neither is Virginia’s in particular as a survey of the states’ increase in credit-card debt revealed the commonwealth to be among the country’s leaders in the amount of the increase in credit-card debt, landing in the number-10 spot among the 50 states with a total credit-card debt at the end of the second quarter of 2021 of $28,265,038,801 with an increase in that debt during the quarter of $1,384,111,053.
U.S. consumers have started to return to bad habits when it comes to credit card debt, the website says, following a record-setting reduction in 2020 that continued into the first quarter of 2021. During Q2 2021, consumers added $45.7 billion to their tab, an all-time record that nearly wiped out the first-quarter paydown. Furthermore, WalletHub now projects that consumers will end the year with a net addition of $100 billion in credit card debt, which far exceeds the 10-year average of $45.6 billion.
According to WalletHub’s survey, California is the state with the largest increase in card debt during 2021’s second quarter. After that come 2. Texas 3. Florida 4. New York 5. Illinois 6. Pennsylvania 7. Georgia 8. Ohio 9. North Carolina and 10. Virginia.
The states with the smallest increase in credit-card debt during the quarter, according to the website, were 41. New Hampshire 42. Maine 43. Rhode Island 44. Montana 45. Delaware 46. Alaska 47. South Dakota 48. North Dakota 49. Wyoming and 50. Vermont.