CHARLOTTE, N.C. — The amount consumers owe on their credit cards is breaking records.
Researchers at the finance site ranked North Carolina at No. 10. South Carolina is about halfway down the list at No. 22.
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Across the Carolinas, both states average more than $7,000 per household in credit card debt. North Carolina, as a state, racks up about twice the amount of total debt compared to South Carolina.
Nationwide the average household has more than $10,000 in household credit card debt. As for the why, the numbers could be a result of increased spending but another factor WCNC has been covering for months could be a contributing factor: interest rates.
Every time the Federal Reserve brings up interest rates for home loans, and other financing options, credit card interest rates have often followed.
It means the debt people already have is getting more expensive.
WCNC Charlotte's Where's The Money series is all about leveling the playing in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.
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