Tri-State Credit Card debt Surges, Raising Recession Concerns
CHARLESTON, WV – Credit card debt is rapidly increasing across Ohio, Pennsylvania, and West Virginia, mirroring a nationwide trend and sparking concerns about a potential economic downturn.A recent report from WalletHub indicates ohio experienced the eighth-largest credit card debt increase in the country during the second quarter, while Pennsylvania ranked sixth.
In Ohio, total credit card debt reached $40,748,707,089, a rise of $858,373,603 from the first quarter. The average Ohio household now carries $9,352 in credit card debt, an increase of $178. PennsylvaniaS total debt stands at $47,813,578,232,up $1,007,442,709,with the average household owing $10,125 – a $192 increase. West Virginia’s debt totals $5,884,579,911, a $126,307,130 increase, leaving the average household with $9,212 in debt, up $175.
Nationally, collective credit card debt is approximately $1.32 trillion, with $65 billion added in the past year alone. during the second quarter, debt increased by roughly $28 billion. Preliminary third-quarter data suggests a further 0.4 percent increase compared too July of last year.
The rise in credit card debt coincides with increased interest rates and the rising cost of living, disproportionately impacting lower-income families. Some economists interpret increased reliance on credit as a potential indicator of an impending recession, a possibility supported by a recent Moody’s Analytics report suggesting one-third of U.S. states may already be in recession.
The WalletHub report placed California as having the largest increase in credit card debt, while Wyoming experienced the smallest.The article questions why state lawmakers in Columbus,Charleston,and Harrisburg aren’t addressing the economic challenges facing residents.