WASHINGTON, D.C. — The personal-finance website WalletHub recently released two key reports. Its latest Credit Card Debt Study found that consumers racked up $35.6 billion in credit card debt during the second quarter of 2019 – an all-time record for the second quarter of the year.
South Dakota is responsible for roughly $85.5 million of that increase.
Plus, the Fed Rate Cut Survey revealed that a Federal Reserve interest rate cut on Sept. 18, which seven in 10 people support, would save people with credit card debt $1.6 billion in the next year alone.
Residents of South Dakota could expect to save about $3.8 million.
Report highlights include:
South Dakota Debt: The average household in South Dakota owes $7,515 in credit card debt, following a $252 second quarter (Q2) increase.
Record Debt Nationally: U.S. consumers added $35.6 billion in new credit card debt during the second quarter of 2019 – the largest second-quarter build-up ever. WalletHub projects that consumers will end the year with a net increase of $70 billion in credit card debt.
High Interest Rates: 68 percent of Americans say the interest rates on their loans are too high.
Consumer Savings: Credit card users will save roughly $1.6 billion in interest if the Fed cuts its target rate again. The average household currently owes $8,602.
Mixed Consumer Sentiment: 41 percent of people say they will feel more confident in the economy if the Fed cuts its target rate in September.
States with the Biggest Q2 Debt Increases
States with the Smallest Q2 Debt Increases