Many Ohioans Are Drowning in Credit Card Debt | News, Sports, Jobs

When finances get tight, some households turn to credit cards to get by. It’s not ideal and can lead to bigger problems down the road, but sometimes it feels like the only way.

According to WalletHub, total U.S. credit card debt is about $1.28 trillion, with $109 billion of that due in 2023 alone.

However, some regions are faring better than others.

“In some parts of the country, credit card debt is growing at an alarming rate,” reports financial writer Adam McCann in the WalletHub article, “States with Largest and Smallest Credit Card Debt Increases.”

In Ohio, credit card debt is a bit of a problem.

The Buckeye State ranks eighth in the nation for credit card debt growth.

Here, household credit card debt averages $9,116. That’s an increase of $232 from the first quarter of 2024 to the second quarter. In total, the state has $39,820,083,569 in credit card debt, an increase of $1,111,321,737 between the two quarters.

That’s a lot of catching up to do for households that can only afford to pay the minimum monthly loan installments.

What can you do? Well, one rating agency helpfully suggests, “you can focus on increasing your earnings or finding ways to save money for necessities.”

Of course, spending money on impulse is a whole other story, but many people who are finding themselves in increasing credit card debt have probably already thought about increasing their earnings and trying to save money for essentials.

Inflation, combined with an economy where government officials have a habit of overpromising and underdelivering, make this task difficult.

There are resources and options out there to help people find a way out of credit card debt, and some Ohioans may find it helpful to explore them. In the meantime, policymakers and economic development officials have received a clear message that Buckeye Staters are still falling behind under their watch.

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