WalletHub analyzed TransUnion credit card data for all 50 states and the District Of Columbia as of September 2020 to conduct its analysis. It attributes variations in people’s debt levels to factors like how much consumers have been affected by the COVID-19 pandemic and how responsible they’ve been in managing their finances.
The findings echo other research examining the decline in consumers’ credit card balances. A previous WalletHub report found that Americans reduced their credit card debt by $82.9 million last year, and American’s overall credit card debt fell 10.8% to $955.8 billion in the fourth quarter of 2020.
