At the start of 2018, the average American was carrying a credit card balance of more than $6,250 dollars, totaling over $1 trillion nationwide. As this number continues to rise, a keener eye has been kept on credit card debt by state. In a recent report by the New York state comptroller’s office, Ohio ranks 8th among the 10 states with the most credit card debt in the United States.
Highest Credit Card Debt States
While Ohio debtors fell well behind the top three states with the highest credit card debt, it should still be a cause for concern with consumers in the state. Taking the number one spot in the nation was California with over $106.8 billion in credit card debt. Well behind the top spot was Texas with $67.3 billion in credit card debt and Florida with $59.2 billion. In all, Ohio debtors owe $26.7 billion in credit card debt. The average credit card debt continues to rise in America, although statistics point to a slowing down.
How to Decrease Your Ohio Credit Card Debt
Carrying a large amount of credit card debt can affect your financial livelihood in many ways. In addition to hurting your credit score, it could affect your ability to obtain future lines of credit. So how can you reduce your overall credit debt? First and foremost, you have to get organized and create a budget that places a certain portion of your disposable income to pay off the highest interest rate cards first. If you can find a way to both stop using your credit cards temporarily and making a double payment each month, you will notice debt reduction almost immediately. You should also consider transferring your credit card balance to a 0% interest rate for a certain amount of time offer. These can often allow you up to 18 months to pay off the entire balance without incurring any additional interest.
Bankruptcy Can Eliminate Credit Card Debt
Many individuals that seek Ohio credit counseling have multiple cards and over $17,000 in unsecured debt. By declaring a Chapter 7 bankruptcy the average credit card debt holder was able to eliminate about that same amount using bankruptcy. Contact a Dayton, OH bankruptcy lawyer or an attorney closer to where live to find out the best way to approach eliminating credit card debt.