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Report: Average credit card debt low in Louisiana

On Behalf of | Jun 8, 2018 | Credit Card Debt

Having credit card debt is very common here in the United States. How much such debt do people here in Louisiana tend to carry? Less than individuals from many other parts of the country, according to recent figures discussed in a Forbes article.

The figures regard the average per capita credit card debt levels of different states in 2017’s fourth quarter. They point to the average for Louisiana having been $2,440. This was the sixth lowest average in the country. In comparison, the nationwide average was $3,100 and the highest average of any state, held by Alaska, was $4,270.

Why do you think average credit card debt is lower here in Louisiana than it is in much of the rest of the country?

Now, this low level does not mean credit card debt struggles aren’t an issue in Louisiana. For one, this is just an average, and some residents may have credit card debt levels way above the average. Also, a person doesn’t need to have a massive credit card balance to run into issues. Credit cards can have very high interest rates, so minor credit card debt problems can have the potential to bloom into big ones.

The potential for credit card debt to get out of hand relatively quickly is one of the reasons why responding promptly when credit card debt problems arise can be so important. In some instances, Chapter 7 bankruptcy can be an important option to consider for dealing with out-of-control credit card debt. This type of bankruptcy can sometimes provide individuals with a workable route for eliminating such debt.

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