Wyoming Has the Lowest Credit Card Debt Increase in the Nation

Normally, you never want to see Wyoming showing up on the bottom of a list, but this time, it is most definitely a good thing.

A recent study conducted by personal finance website, WalletHub, listed the States with Largest and Smallest Credit Card Debt Increases, and the Cowboy State ranked at 50th, meaning overall, Wyoming’s credit card debt increase ranks as the lowest in the nation.

The WalletHub study stated:

While some parts of the country are racking up credit card debt at an alarming rate, other areas are contributing less to the debt increase. To determine the states with the largest and smallest credit card debt increases, WalletHub compared the 50 states based on the latest consumer-finance data available from TransUnion and the Federal Reserve, adjusted for inflation.

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Here are the Wyoming's key metrics that factored into our overall ranking:

• Average Wyoming Household Debt - $7434.00
• Household Credit Card Debt - $10,015.00
• Household Credit Card Debt Increase - $255.00
• Total Credit Card Debt - $2,138,862,282.00
• Total Credit Card Debt Increase - $59,692,596.00

While Wyoming is doing better than the rest of the country, by far, we do still have work to do as well.

The study went on to say:

To say Americans have a lot of credit card debt would be an understatement. The collective tab sits at roughly $1.28 trillion, around $109 billion of which came from last year alone.

Maybe if more focus was put on economics and finance in school, we could start working on the issue before it becomes a problem.