Credit card debt remains relatively low
Balances rise on quarterly, yearly basis
Despite a quarter-over-quarter rise in average credit card debt, balances remain near record-low levels, TransUnion said in a recent report.
According to TransUnion, consumer credit card balances increased 0.17 percent from the first quarter (Q1) of 2012 to the second quarter (Q2) of 2012.
In Q2, average credit card debt came in at $4,971, a modest rise from the $4,962 mark seen in Q1. The $4,971 average balance from Q2 is also 5.79 percent higher than the $4,699 seen one year earlier in Q2 2011.
Even with the quarterly and yearly increases, though, credit card debt remains relatively low, TransUnion noted, with the Q2 2012 mark still more than $700 lower than the $5,719 average credit card debt observed in Q2 2009.
Debt varies by state
Alaska has the highest average credit card debt of any state, coming in at an average of $7,045. Colorado residents have the second-highest average credit card debt of any state at $5,728, followed by North Carolina ($5,619) and Connecticut ($5,532).
On the flip side, Iowa heads up the list of states with the lowest credit card debt, coming in at an average of $3,874. North Dakota residents have the second-lowest average credit card debt at $4,006, followed by Wisconsin ($4,252) and South Dakota ($4,257).
The District of Columbia saw the largest year-over-year increase in average credit card debt, rising 15.01 percent – from $4,700 in Q2 2011 to $5,406 in Q2 2012.
TransUnion evaluates the national consumer credit situation quarterly. Data referenced here is from its latest quarterly report.