In a surprising move from the usual bad rankings for New Mexico, one city in the Land of Enchantment has been ranked among the top 10 cities with the smallest increase in credit card debt.
According to WalletHub, which did the study, “To determine the cities with the largest and smallest credit card debt increases, WalletHub compared more than 180 cities based on the latest consumer-finance data available from TransUnion and the Federal Reserve, adjusted for inflation.”
Las Cruces ranked as the city with the seventh lowest increase in the nation. The city’s residents had $11,452 in average credit card debt while the increase in this debt was only $351.
For comparison, the city with the largest increase in credit card debt is California’s Rancho Cucamonga, with a $3,360 increase and a $18,326 total balance.
Albuquerque was also ranked on the list with the 113th-highest increase in credit card debt. Residents had an average balance of $11,529, which increased by $1,116.
“Data used to create this ranking were collected as of February 16, 2024 from the U.S. Census Bureau, Federal Reserve and TransUnion,” WalletHub wrote.
Certainly having ongoing credit card debt is a lose/lose situation. People should not have credit card debt that isn’t paid in full every month.
That is a lovely dream to have in the poorest State and the highest in (generational) Welfare recipients. How much is a grocery bill for 2 adults a month? I sure don’t see an increase in income for those that work hard at their jobs that matches the inflation rates, do you?…..Sometimes there is little choice. But by all means, please continue to judge….
If people are on welfare, they get an allotment for food, and reduced or free rent, and free healthcare, etc. Bidenomics with its inflation sure has hit the working poor and everyone else.
Agreed.
I agree with you Mae, but sadly, many people prefer to pay interest on their unpaid balance. Apparently the wages they earn are not enough to pay off their monthly balances plus have money to buy other products and services.
I agree. I have not paid any interest on a credit card for 30 years. If you can’t pay for it you don’t need it.
Yet you are judging Pamela. Are you assuming that charge cards are used only for the necessities like food, or perhaps medical? The high number of welfare recipients is a sad, but systemic issue. The article clearly states that the average credit card amount before the current runaway inflation was out of control.
Not true at all. Spoken like someone that has never been homeless or has had to struggle with just groceries in the last 3 years. Some of us do not qualify for FREE food/housing and actually own (no payments) our land/houses, work more than 60 hours weekly and are still seriously struggling to keep up somewhat. Does that mean we do not need food, water, electricity? Sure, we can sell our homes and then what? Trust me, we are not wearing the latest fashions and partying with the $$ we actually bring home. Sounds like some people here have zero issue with Bidenomics. Everything is going just great…it’s all fine.