#1 Purchase Most Texans Put On Their Credit Cards


KKTX FM logo

As the saying goes, “Everything’s bigger in Texas” right? However, our credit card debt is not the case. According to the information released by the World Population Review, Upgraded Points Credit Company, and Forges Magazine, we Texans are pretty savvy with our money.

Texans put far less debt on their credit cards, plus the Lone Star State has the least debt in the U.S. When it comes to making purchases on a credit card Texans tend to buy jewelry and with that, we tend to keep our charge balances low.

As you will see in the graph numbers below, Texans may be purchasing jewelry on credit cards however, we tend to keep our purchases low, as Texas ranked 9th overall in the lowest credit card debt ranking with an average of $1701.87 charged balance. While Massachusetts had an average of $10,810.99 and Connecticut had an average $10,728.90 charged balance.

Furthermore, Lone Star residents tend to pay off their credit cards faster. As for the state with the lowest credit card debt average, it’s Tennessee with only $872.38 charged on their credit cards.

These latest findings are compiled from Forbes, World Population Review, and Upgraded Points Credit Company and are a state-by-state debt review.

States with the Least Debt

  1. Texas has the lowest debt of any state in the U.S. Alaska’s total liabilities add up to $222.64 billion, and its total assets add up to $356.01 billion, giving Texas the highest net position in the country of $115.08 billion. Texas’s debt ratio is 62.5%
  2. Florida debt is the second-lowest in the country. With total liabilities coming out to $66.78 billion and total assets coming out to $163.24 billion, Florida’s net position is $97.6 billion. This means that Florida’s debt ratio is 40.9%. While Floridas debt has decreased in recent years, it is expected to increase over the next two years.
  3. Alaska has the third-lowest debt and the third-highest net position of $76.74 billion. Alaska’s total liabilities add up to $12.65 billion, and its total assets add up to $89.17 billion. Although Alaska does not have a state income tax, its revenue is well-supplied by taxes on oil and gas production.
  4. North Carolina’s net position is $54.41 billion, making it the fourth-highest net position in the U.S. North Carolina’s assets are $78.67 billion higher. Its total liabilities are $23.62 billion, giving a debt ratio of 30%.
  5. Tennessee has the fifth-lowest debt in the U.S., having $8.04 billion in total liabilities and $46.54 billion in total assets, resulting in a net position of $39.3 billion and a debt ratio of 17.3%. Tennessee is one of the most tax-friendly states in the country and will have no state income tax by 2021. While remaining low-debt and low-tax, Tennessee has managed to triple its Rainy Day Fund and provide tax cuts to its residents, including a 30% decrease in-state sales tax on groceries.

Here are the 10 states with the highest credit card debt per capita:

  1. Massachusetts ($10,810.99)
  2. Connecticut ($10,728.90)
  3. Rhode Island ($8,073.80)
  4. Alaska ($8,023.75)
  5. New Jersey ($7,016.53)
  6. New York ($6,836.68)
  7. Hawaii ($6,549.89)
  8. New Hampshire ($5,568.99)
  9. Vermont ($5,417.97)
  10. Illinois ($4,826.44)
    Source: Forbes.com

LOOK: Here are 25 ways you could start saving money today

These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

Gallery Credit: Bethany Adams





Source link

  • Related Posts

    Woman busted smuggling 350 Nintendo Switch game cards in her bra — Chinese customs officials intercept smuggler at checkpoint

    Chinese customs officials at the Liantang Port got more than they bargained for when an unusually busty woman was spotted among the incoming passengers. Noting her nervous behavior, they intercepted…

    Just in time for summer travel, Chase offers up to 90K Miles for new United Cardmembers

    Fortune Recommends™ has partnered with CardRatings for our coverage of credit card products. Fortune Recommends™ and CardRatings may receive a commission from card issuers.  If you’ve been cooped up all winter and are thinking…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Woman busted smuggling 350 Nintendo Switch game cards in her bra — Chinese customs officials intercept smuggler at checkpoint

    Woman busted smuggling 350 Nintendo Switch game cards in her bra — Chinese customs officials intercept smuggler at checkpoint

    Just in time for summer travel, Chase offers up to 90K Miles for new United Cardmembers

    Just in time for summer travel, Chase offers up to 90K Miles for new United Cardmembers

    Which stores accept EBT cards to make online payments?

    Which stores accept EBT cards to make online payments?

    YAY Moments launches payment cards

    YAY Moments launches payment cards

    Sotheby’s Bets on High-End Trading Cards with New Fanatics Partnership

    Sotheby’s Bets on High-End Trading Cards with New Fanatics Partnership

    Dads lost to ill health remembered in commemorative Father’s Day cards

    Dads lost to ill health remembered in commemorative Father’s Day cards