A nationwide study determined that Arizonans in several cities are racking up credit card debt, and the state ranks 10th overall for those balances.
Research from Wallethub determined that Scottsdale ranked 12th and Gilbert ranked 15th, with $17,502 and $17,305, debt on average per household, respectively. Peoria and Chandler were not too much further down the list, ranking 34th and 40th with $16,010 and $15,451 per household debt.
The numbers for total credit card debt also paint a staggering picture. Although Phoenix ranked 76th for average household credit card debt overall, the city has the seventh-highest total estimated credit card debt in the country with $8,193,959,421. Phoenix is the fifth largest city in the United States. Scottsdale, which has a population of just over 240,000 people, has over $2 billion.
A nationwide study determined that Arizonans in several cities are racking up credit card debt, and the state ranks 10th overall for those balances.
Research from Wallethub determined that Scottsdale ranked 12th and Gilbert ranked 15th, with $17,502 and $17,305, debt on average per household, respectively. Peoria and Chandler were not too much further down the list, ranking 34th and 40th with $16,010 and $15,451 per household debt.
The numbers for total credit card debt also paint a staggering picture. Although Phoenix ranked 76th for average household credit card debt overall, the city has the seventh-highest total estimated credit card debt in the country with $8,193,959,421. Phoenix is the fifth largest city in the United States. Scottsdale, which has a population of just over 240,000 people, has over $2 billion.
On a state level, Wallethub explained that there are several factors that tie into the debt figures.
“Arizona’s credit card debt situation reveals a concerning but somewhat manageable financial landscape. With a median credit card debt of $2,778, Arizona ranks 10th among states with the highest credit card balances,” WalletHub analyst Cassandra Happe told The Center Square in a statement.
“On average, Arizonans need approximately 13 months and 24 days to pay off their debt, costing them about $336 in interest. Despite the hefty balances, Arizona’s debt payoff timeline is shorter than many other states, indicating relatively better debt management among its residents. However, the overall increase in debt and the time required to pay it off reflect the broader national trend of escalating credit card obligations, driven by factors such as rising costs of living and inflation,” she added.
Although the Phoenix Metropolitan area’s inflation rate has slowed down it was once the highest in the nation in 2022. Now, it’s considered the lowest, according to the Arizona Republic in May. NPR reported in May that it’s becoming more common for Americans to be delinquent on their credit card payments.
