Arizonans and Americans are carrying a record amount of credit card debt — but adjusting for inflation reveals a more nuanced picture.
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The New York Federal Reserve says the average Arizona household carries $4,530 in credit card debt. That's a little over 6% of everything they owe.
That figure ranks Arizona 16th in the country. The states with the highest balances — Alaska, Hawaii, New Jersey, Maryland, Nevada, Florida, and California — all carry more than $5,000. At the bottom: Mississippi, Kentucky, and West Virginia, where averages fall below $3,200.
A record — with context
While $4,530 is the highest average on record going back to 2003, adjusting for inflation changes the picture. Right before the Great Recession, the inflation-adjusted average was $5,900 in today's money — and it didn't fall below $4,500 until 2011.
Who's carrying the most?
Gen X holds the highest credit card balances, at $9,600. Those are peak earning years, with families to support.
Millennials and Baby Boomers are carrying just under $7,000 each. Gen Z — just getting their first cards — averages $3,500.
Should we worry?
About 7% of American credit card accounts are now seriously delinquent — 90 days or more behind. That's 2 points above the average, but nowhere near the 11% reached during the Great Recession.
Record debt — but not record trouble.
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