Credit card debt is out of control and we in NJ are among the worst

Just when you thought your credit card statement couldn’t feel any worse, here comes another brutal ranking to remind us how deep in the hole we are.

A new study done by the verified coupon Coupons4Real analyzed household debt data from the Federal Reserve to identify which states have experienced the largest rise in credit card debt between 2003 and 2023.

It found that New Jersey ranks 7th in the nation for the highest increase in credit card debt over the last 20 years. That’s right — 7th. Not exactly the kind of top-10 ranking we want.

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Average credit card debt

The average credit card debt for a New Jerseyan jumped from $3,430 to $4,750, a whopping 38.48% increase. That’s over $1,300 more weighing down our wallets, and it’s 5% higher than the national average.

And yet, somehow, we’re still not even the worst.

Who’s more broke than us?

Apparently, Utah takes the crown for the worst increase in credit card debt at 48.65%, followed by Florida (46.45%) and California (44.48%). The only thing scarier than those numbers is the thought of navigating 80 just as a new sinkhole opens up.

Other states ahead of us include Maryland, Georgia, and Hawaii. But let’s be honest—does it truly matter what we’re seventh instead of first? Is that any great consolation? Credit card debt is out of control across the country, and New Jersey is still getting crushed.

Why is this happening?

Experts blame a combination of inflation, rising living costs, and stagnant wages—which, in New Jersey, might as well be our state slogan.

Here, everything costs more. Housing? Insane. Property taxes? Brutal. Groceries? Fuggetaboutit. So, is it really a surprise that so many of us are tapping the plastic just to keep up?

Meanwhile, the credit card companies keep jacking up interest rates, making it harder to pay down balances.

Short of hitting the lottery or moving to Wyoming where credit card debt increased by only 19%, the best move is to never make only a minimum payment even if it’s only by a few dollars more. And pay off high-interest rate balances first. That, and maybe rethink that third DoorDash order of the week.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.

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