Here’s how credit card debt varies by state in 2022

Canva Is your current credit card balance less than $5,589? If so, you’re carrying a below-average amount of debt. But no matter your balance, now is a great time to get started paying down that debt. With interest rates on the rise, outstanding credit card balances could start to have an even greater impact on your personal finances. The U.S. clocked a collective $824.8 billion in credit card debt in the first quarter (Q1) of 2022, according to Experian. Debt can function as both a helpful tool and a burden for consumers. When used strategically, credit cards allow individuals and small businesses to responsibly make purchases that they otherwise might not be able to afford. Understanding how to stay on top of payments can help you build your credit history and make credit card debt manageable. An added bonus: Learning the ins and outs of credit card perks can offer you benefits like cashback, travel miles, and 0% introductory interest rates. For some Americans, the past year of rising prices has forced greater reliance on credit cards to cover common expenses. In Q4 2021, the Federal Reserve Bank of New York reported the highest quarterly increase of credit card debt in its 22-year history of collecting this data. But when preparing for an economic downturn, like the one forecast to soon impact the U.S. economy, financial experts recommend paying down as much debt as possible. Experian compiled this list of ways credit card debt can impact your life, and analyzed how credit card debt varies by state using data collected from account holders from across the country. Basics of credit card debt