The latest numbers from the Federal Reserve show that credit card balances climbed to $930 billion in the fourth quarter of 2019 — a $46 billion increase from the previous quarter.
Average credit card debt per household is now $8,701, according to the latest estimates from personal finance website WalletHub.
An analysis by the Urban Institute found that individuals who live in southern states — particularly Mississippi — are more likely to be delinquent on their credit cards. Those who are behind on their balances also tend to be young, between the ages of 18 and 34, low income and lacking in financial knowledge, the Washington, D.C.-based think tank found.