Peoria among US cities with highest increase in Q1 credit card debt
Jun 11, 2023, 11:00 AM
PHOENIX — Residents in Peoria were busy racking up some hefty credit card bills in the first quarter of 2023, according to a report by WalletHub.
The West Valley suburb ranked No. 18 out of 182 cities throughout the country with an average household credit card debt increase of $3,090.
While Peoria was the only city in Arizona ranked in the top 20, Chandler (37), Glendale (40), Gilbert (59), Tempe (62), Scottsdale (63) and Phoenix (65) were not too far behind.
Does Arizona have a credit card problem? Well, not compared to California. Our neighbors to the west had 12 cities ranked in the top 20 and even Nevada had three cities ranked in the top 25.
Overall, credit card spending appears to be on the rise throughout the country.
According to the report, U.S. consumers added $179.4 billion in new credit card debt during 2022.
The overall debt paydown in the first quarter was just $24 billion. The study says that was the second-smallest paydown in the last decade.
The site also provides strategy for paying down debt, including tips like sticking to a budget, building an emergency fund, the Island Approach and getting a better job.
For more money tips, tune into The Ramsey Show every weekday from 12:15 p.m. to 1:59 p.m. on KTAR 92.3 FM, online or our app.