LENDINGTREE, INC. CHARLOTTE, N.C., Nov. 29, 2018 /PRNewswire/ -- CompareCards by LendingTree today released the findings of its report on the cities where credit card balances rose and fell the most in the past year. The study found that Austin saw the biggest credit card balance increase in the U.S., jumping 12 percent from September 2017 to September 2018. St. Louis and San Jose also saw double-digit growth, and San Diego and Orlando were close behind.
CompareCards used user data from My LendingTree to compare the average credit card balance in the nation's 50 largest metropolitan areas. The data showed that credit card balances in those 50 cities grew an average of 3.6 percent from September 2017 to September 2018. That type of growth was to be expected, given that Federal Reserve data showed that Americans' revolving credit balances grew 3.7 percent nationwide during the same period, climbing to a record $1.041 trillion.
"It's troubling to me that we're seeing card balances continue to grow," said Matt Schulz, Chief Industry Analyst at CompareCards. "The truth is that if you're carrying credit card debt when the economy is good, it likely means that you're not putting enough money away for when things head south. Americans need to commit to making 2019 the year they finally tackle their credit card debt because rising interest rates mean it's only going to get harder and more expensive to do so in the future."
Key findings:
- Austin saw biggest credit card balance increase in the U.S. in the past year. The Texas capitol saw its average credit card balance jump 12 percent from September 2017 to September 2018.
- St. Louis and San Jose also saw double-digit growth, and San Diego and Orlando were close behind.
- The biggest average credit balance decrease was in Nashville, one of just four cities to fall more than 1 percent year over year.
- Of the top 50 U.S. metropolitan areas, 44 saw some increase, though many were small.
- Washington, D.C. had the highest average balances overall, while Indianapolis had the lowest.
To view the full study, visit: https://www.comparecards.com/blog/cities-with-biggest-balance-increases.
Top 50 Cities Ranked by Average Credit Card Balance Change %, Sept. | ||||
Rank | Metro | Avg. credit | Avg. credit | Avg. credit |
1 | Austin, Tx. | $6,924 | $6,165 | 12.3% |
2 | St. Louis, | $6,143 | $5,555 | 10.6% |
3 | San Jose, | $6,649 | $6,043 | 10.0% |
4 | San Diego | $7,023 | $6,390 | 9.9% |
5 | Orlando, Fla. | $5,661 | $5,162 | 9.7% |
6 | San | $7,259 | $6,645 | 9.2% |
7 | Los Angeles | $6,442 | $5,966 | 8.0% |
8 | New | $5,983 | $5,595 | 6.9% |
9 | Miami | $5,924 | $5,540 | 6.9% |
10 | Portland, | $6,183 | $5,817 | 6.3% |
11 | Riverside, | $5,505 | $5,194 | 6.0% |
12 | Milwaukee | $6,194 | $5,853 | 5.8% |
13 | Seattle | $6,672 | $6,325 | 5.5% |
14 | Charlotte, | $6,112 | $5,816 | 5.1% |
15 | Tampa-St. | $5,994 | $5,723 | 4.7% |
16 | Chicago | $6,352 | $6,071 | 4.6% |
17 | Baltimore | $6,722 | $6,429 | 4.6% |
18 | Memphis, | $5,485 | $5,251 | 4.5% |
19 | Phoenix | $5,849 | $5,610 | 4.3% |
20 | Columbus, | $5,695 | $5,464 | 4.2% |
21 | Cleveland | $5,555 | $5,342 | 4.0% |
22 | Denver | $6,366 | $6,126 | 3.9% |
23 | Washington, | $7,649 | $7,366 | 3.8% |
24 | Kansas City, Mo. | $6,157 | $5,941 | 3.6% |
25 | Indianapolis | $5,393 | $5,210 | 3.5% |
26 | Raleigh, N.C. | $5,855 | $5,665 | 3.4% |
27 | Providence, | $5,786 | $5,611 | 3.1% |
28 | Boston | $6,400 | $6,207 | 3.1% |
29 | New York | $6,556 | $6,375 | 2.8% |
30 | Birmingham, | $5,461 | $5,331 | 2.4% |
31 | Philadelphia | $6,330 | $6,187 | 2.3% |
32 | San Antonio | $6,229 | $6,089 | 2.3% |
33 | Dallas-Fort | $6,238 | $6,105 | 2.2% |
34 | Pittsburgh | $5,977 | $5,852 | 2.1% |
35 | Buffalo | $5,859 | $5,776 | 1.4% |
36 | Houston | $6,184 | $6,110 | 1.2% |
37 | Minneapolis | $6,238 | $6,173 | 1.0% |
38 | Virginia | $7,035 | $6,977 | 0.8% |
39 | Sacramento, | $5,866 | $5,818 | 0.8% |
40 | Louisville, | $5,477 | $5,437 | 0.7% |
41 | Jacksonville, | $6,180 | $6,145 | 0.6% |
42 | Atlanta | $6,031 | $6,008 | 0.4% |
43 | Las Vegas | $5,614 | $5,608 | 0.1% |
44 | Detroit | $5,558 | $5,553 | 0.1% |
45 | Richmond, | $6,253 | $6,266 | -0.2% |
46 | Cincinnati | $5,625 | $5,639 | -0.2% |
47 | Oklahoma City | $5,963 | $6,037 | -1.2% |
48 | Salt Lake | $6,121 | $6,243 | -2.0% |
49 | Hartford, | $6,468 | $6,605 | -2.1% |
50 | Nashville, | $5,550 | $5,808 | -4.4% |
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
About CompareCards:
CompareCards' mission is to help people make smarter, more informed, healthier financial decisions based on deeper knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards' website to independently compare credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do everything from making credit card comparisons to managing their credit health. For more information, please visit www.comparecards.com.
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