Alaskans carry the highest credit card balance—here's the average credit card balance in every state
Select reviews the average credit card balance in every state from the 2019 Experian Consumer Credit Review. Do you have a balance on your credit card? We've also got some advice on how to get out of debt.
The Discover it® Balance Transfer is no longer available via CNBC Select; offer details mentioned below may no longer apply.
If you have credit card debt, you're not alone. On average, Americans carry $6,194 in credit card debt, according to the 2019 Experian Consumer Credit Review. And Alaskans have the highest credit card balance, on average $8,026.
Plus, U.S. credit card debt hit a record high of $930 billion in the final quarter of 2019, according to the latest data from the Federal Reserve Bank of New York.
Carrying a balance month to month can be costly, especially if it's on a high-interest credit card. But you don't have to struggle with debt forever. If you have good or excellent credit, you may qualify for a balance transfer credit card, like the Citi Simplicity® Card which offers 0% intro APR for 21 months on balance transfers from date of first transfer (after, 19.24% - 29.99% variable APR). Balance transfers must be completed within four months of account opening. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Below, Select shares the average credit card balance in every state from Experian's report along with some advice on how to get out of credit card debt with a balance transfer card.
Key findings
- American's average credit card debt is $6,194
- Alaskans have the highest credit card balance, on average $8,026
- Iowans have the lowest credit card balance, on average $4,774
Top 10 states with the highest credit card balance
While the average credit card balance is $6,194, Americans living in certain states carry much more. Alaskans take the top spot with an average credit card balance of $8,026. Meanwhile, many states on the East Coast have balances above the national average.
- Alaska: $8,026
- New Jersey: $7,084
- Connecticut: $7,082
- District of Columbia: $7,077
- Virginia: $6,969
- Maryland: $6,946
- Texas: $6,753
- Hawaii: $6,673
- Georgia: $6,569
- New York: $6,491
Top 10 states with the lowest credit card balance
The further you live from the coasts, the lower the average credit card balance, which is partially due to a lower cost of living. On average, Iowans have the lowest balance at $4,774.
- Iowa: $4,774
- Wisconsin: $4,961
- Mississippi: $5,134
- Kentucky: $5,140
- West Virginia: $5,144
- Idaho: $5,213
- South Dakota: $5,235
- Indiana: $5,254
- North Dakota: $5,265
- Arkansas: $5,327
Average credit card balance by state
| State | Avg. Credit Card Balance |
|---|---|
| Alabama | $5,672 |
| Alaska | $8,026 |
| Arizona | $6,053 |
| Arkansas | $5,327 |
| California | $6,222 |
| Colorado | $6,416 |
| Connecticut | $7,082 |
| Delaware | $6,335 |
| District of Columbia | $7,077 |
| Florida | $6,460 |
| Georgia | $6,569 |
| Hawaii | $6,673 |
| Idaho | $5,213 |
| Illinois | $6,253 |
| Indiana | $5,254 |
| Iowa | $4,774 |
| Kansas | $5,769 |
| Kentucky | $5,140 |
| Louisiana | $5,811 |
| Maine | $5,442 |
| Maryland | $6,946 |
| Massachusetts | $6,213 |
| Michigan | $5,399 |
| Minnesota | $5,489 |
| Mississippi | $5,134 |
| Missouri | $5,601 |
| Montana | $5,482 |
| Nebraska | $5,423 |
| Nevada | $6,220 |
| New Hampshire | $6,235 |
| New Jersey | $7,084 |
| New Mexico | $5,851 |
| New York | $6,491 |
| North Carolina | $5,832 |
| North Dakota | $5,265 |
| Ohio | $5,560 |
| Oklahoma | $5,848 |
| Oregon | $5,498 |
| Pennsylvania | $5,840 |
| Rhode Island | $6,177 |
| South Carolina | $5,938 |
| South Dakota | $5,235 |
| Tennessee | $5,688 |
| Texas | $6,753 |
| Utah | $5,600 |
| Vermont | $5,466 |
| Virginia | $6,969 |
| Washington | $6,156 |
| West Virginia | $5,144 |
| Wisconsin | $4,961 |
| Wyoming | $5,782 |
| Source: Experian |
Get out of debt with a balance transfer credit card
A balance transfer is a smart way to ease the burden of paying off your credit card debt. Balance transfers can add up to substantial savings if you're carrying a balance on a high interest credit card, where a portion of your payment goes toward interest charges.
Balance transfer cards often have set limits on the amount of debt you can transfer, and you can't complete a transfer between cards issued from the same bank. Also make sure you read the fine print before requesting a transfer and consider any balance transfer fees.
How much money can a balance transfer save?
If the average American with a $6,194 balance on their credit card pays $200 each month toward their debt, it will take them 42 months — more than three years — to pay off that debt. And they will spend $2,012 in additional interest, assuming an average 16.97% APR.
If you complete a balance transfer with promotional 0% APR period, you could save hundreds on interest. Keep in mind that most balance transfer credit cards have a one-time 3% fee.
Here is additional information on some popular balance transfer cards:
Citi Simplicity® Card
Rewards
None
Welcome bonus
None
Annual fee
$0
Intro APR
0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening.
Regular APR
19.24% - 29.99% variable
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Foreign transaction fee
3%
Credit needed
Excellent/Good
See rates and fees. Terms apply. Read our Citi Simplicity® Card review.
Discover it® Balance Transfer
Rewards
See terms
Welcome bonus
See terms
Annual fee
See terms
Intro APR
See terms
Regular APR
See terms
Balance transfer fee
See terms
Foreign transaction fee
See terms
Credit needed
Good/Excellent
*See rates and fees, terms apply.
Information about the Discover it® Balance Transfer has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
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For rates and fees of the Discover it® Balance Transfer, click here.