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States ranked on average consumer credit card debt

It is almost impossible to find someone who does not have at least one credit card in their wallet. While some Tennessee residents hold credit accounts with their favorite retailers so that they can get offers and deals through their cards, others have credit cards so that they can shop online without tying their checking accounts to their transactions. Credit cards are pervasive and in some cases their use can land consumers in a world of painful credit card debt.

Recently a ranking of the 50 states' credit card debt was released and readers may be happy to know that Tennessee ranked 30th on the list. However, this does not mean that Tennessee residents are debt free when it comes to their credit cards. On average, individuals in the Volunteer State carry nearly $6,000 in credit card debt on an average of 2.8 credit cards per person.

Alaska ranks the highest on the list in terms of average credit card debt, with individuals in that state carrying more than $8,500 on average over 3.1 credit cards. The national average for credit card debt across the entire country is around $6,354, putting Tennessee several hundred dollars under that total.

It is always a good idea for consumers to make good decisions about how to use their credit cards. Assessing the capacity to pay for purchases is a good way to avoid a growing balance on credit cards and accounts. However, when credit card debt becomes unmanageable, individuals should be aware of the debt relief options that may be available to them, which may include bankruptcy.

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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