CHARLOTTE, N.C., Nov. 29, 2018 /PRNewswire/ -- CompareCards by LendingTree today released the findings of its
report on
the cities where credit card balances rose and fell the most in the past year. The study found that Austin saw the biggest credit card balance increase in the U.S., jumping 12 percent from September 2017 to September 2018. St. Louis and
San Jose also saw double-digit growth, and San Diego and
Orlando were close behind.
CompareCards used user data from My LendingTree to
compare the average credit card balance in the nation's 50 largest metropolitan areas. The data showed that credit card balances
in those 50 cities grew an average of 3.6 percent from September 2017 to September 2018. That type of growth was to be expected, given that Federal Reserve data showed that Americans'
revolving credit balances grew 3.7 percent nationwide during the same period, climbing to a record $1.041
trillion.
"It's troubling to me that we're seeing card balances continue to grow," said Matt Schulz,
Chief Industry Analyst at CompareCards. "The truth is that if you're carrying credit card debt when the economy is good, it
likely means that you're not putting enough money away for when things head south. Americans need to commit to making 2019 the
year they finally tackle their credit card debt because rising interest rates mean it's only going to get harder and more
expensive to do so in the future."
Key findings:
- Austin saw biggest credit card balance increase in the U.S. in the past year. The
Texas capitol saw its average credit card balance jump 12 percent from September 2017 to September 2018.
- St. Louis and San Jose also saw double-digit
growth, and San Diego and Orlando were close
behind.
- The biggest average credit balance decrease was in Nashville, one of just four cities to
fall more than 1 percent year over year.
- Of the top 50 U.S. metropolitan areas, 44 saw some increase, though many were small.
- Washington, D.C. had the highest average balances overall, while Indianapolis had the lowest.
To view the full study, visit: https://www.comparecards.com/blog/cities-with-biggest-balance-increases.
|
Top 50 Cities Ranked by Average Credit Card Balance Change %, Sept.
2017 to Sept. 2018
|
|
Rank
|
Metro
|
Avg. credit
balance -
Sept. 2018
|
Avg. credit
balance -
Sept. 2017
|
Avg. credit
balances
change %
|
|
1
|
Austin, Tx.
|
$6,924
|
$6,165
|
12.3%
|
|
2
|
St. Louis,
Mo.
|
$6,143
|
$5,555
|
10.6%
|
|
3
|
San Jose,
Calif.
|
$6,649
|
$6,043
|
10.0%
|
|
4
|
San Diego
|
$7,023
|
$6,390
|
9.9%
|
|
5
|
Orlando, Fla.
|
$5,661
|
$5,162
|
9.7%
|
|
6
|
San
Francisco
|
$7,259
|
$6,645
|
9.2%
|
|
7
|
Los Angeles
|
$6,442
|
$5,966
|
8.0%
|
|
8
|
New
Orleans
|
$5,983
|
$5,595
|
6.9%
|
|
9
|
Miami
|
$5,924
|
$5,540
|
6.9%
|
|
10
|
Portland,
Ore
|
$6,183
|
$5,817
|
6.3%
|
|
11
|
Riverside,
Calif.
|
$5,505
|
$5,194
|
6.0%
|
|
12
|
Milwaukee
|
$6,194
|
$5,853
|
5.8%
|
|
13
|
Seattle
|
$6,672
|
$6,325
|
5.5%
|
|
14
|
Charlotte,
N.C.
|
$6,112
|
$5,816
|
5.1%
|
|
15
|
Tampa-St.
Petersburg,
Fla.
|
$5,994
|
$5,723
|
4.7%
|
|
16
|
Chicago
|
$6,352
|
$6,071
|
4.6%
|
|
17
|
Baltimore
|
$6,722
|
$6,429
|
4.6%
|
|
18
|
Memphis,
Tenn.
|
$5,485
|
$5,251
|
4.5%
|
|
19
|
Phoenix
|
$5,849
|
$5,610
|
4.3%
|
|
20
|
Columbus,
Ohio
|
$5,695
|
$5,464
|
4.2%
|
|
21
|
Cleveland
|
$5,555
|
$5,342
|
4.0%
|
|
22
|
Denver
|
$6,366
|
$6,126
|
3.9%
|
|
23
|
Washington,
D.C.
|
$7,649
|
$7,366
|
3.8%
|
|
24
|
Kansas City,
Mo.
|
$6,157
|
$5,941
|
3.6%
|
|
25
|
Indianapolis
|
$5,393
|
$5,210
|
3.5%
|
|
26
|
Raleigh, N.C.
|
$5,855
|
$5,665
|
3.4%
|
|
27
|
Providence,
R.I.
|
$5,786
|
$5,611
|
3.1%
|
|
28
|
Boston
|
$6,400
|
$6,207
|
3.1%
|
|
29
|
New York
|
$6,556
|
$6,375
|
2.8%
|
|
30
|
Birmingham,
Al.
|
$5,461
|
$5,331
|
2.4%
|
|
31
|
Philadelphia
|
$6,330
|
$6,187
|
2.3%
|
|
32
|
San Antonio
|
$6,229
|
$6,089
|
2.3%
|
|
33
|
Dallas-Fort
Worth
|
$6,238
|
$6,105
|
2.2%
|
|
34
|
Pittsburgh
|
$5,977
|
$5,852
|
2.1%
|
|
35
|
Buffalo
|
$5,859
|
$5,776
|
1.4%
|
|
36
|
Houston
|
$6,184
|
$6,110
|
1.2%
|
|
37
|
Minneapolis
|
$6,238
|
$6,173
|
1.0%
|
|
38
|
Virginia
Beach, Va.
|
$7,035
|
$6,977
|
0.8%
|
|
39
|
Sacramento,
Calif.
|
$5,866
|
$5,818
|
0.8%
|
|
40
|
Louisville,
Ky.
|
$5,477
|
$5,437
|
0.7%
|
|
41
|
Jacksonville,
Fla.
|
$6,180
|
$6,145
|
0.6%
|
|
42
|
Atlanta
|
$6,031
|
$6,008
|
0.4%
|
|
43
|
Las Vegas
|
$5,614
|
$5,608
|
0.1%
|
|
44
|
Detroit
|
$5,558
|
$5,553
|
0.1%
|
|
45
|
Richmond,
Va.
|
$6,253
|
$6,266
|
-0.2%
|
|
46
|
Cincinnati
|
$5,625
|
$5,639
|
-0.2%
|
|
47
|
Oklahoma City
|
$5,963
|
$6,037
|
-1.2%
|
|
48
|
Salt Lake
City, Utah
|
$6,121
|
$6,243
|
-2.0%
|
|
49
|
Hartford,
Conn.
|
$6,468
|
$6,605
|
-2.1%
|
|
50
|
Nashville,
Tenn.
|
$5,550
|
$5,808
|
-4.4%
|
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices
they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same
way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners
in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage
refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit
scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit
accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short,
LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and
support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us
on Twitter @LendingTree.
About CompareCards:
CompareCards' mission is to help people make smarter, more informed, healthier financial decisions based on deeper
knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards' website to independently compare
credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that
are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do
everything from making credit card comparisons to managing their credit health. For more information, please visit www.comparecards.com.
MEDIA CONTACT:
press@comparecards.com
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