ARIZONA NEWS

LendingTree: Arizona seniors have 12th-most credit card debt in US

Jul 6, 2024, 7:15 AM

Arizona seniors have the 12th highest credit card debt in the nation, according to a recent data re...

Arizona seniors have the 12th highest credit card debt in the nation, according to a recent data release from LendingTree. (Pixabay Photo)

(Pixabay Photo)

PHOENIX — Arizona seniors have the 12th-most credit card debt in the United States, with an average credit card balance of $7,768, according to a recent data release from LendingTree.

LendingTree’s data found that Arizona’s retired workers 65 and older put an average of 12.8% of their Social Security benefits toward minimum credit card payments, which is 16th in the country.

Arizona was also 16th in the nation in the minimum monthly credit card payment category, with an average payment of $239.53.

Alaska was the No. 1 state in the nation among older adults with an average credit card balance of $9,323, while South Dakota had the lowest in the nation with a balance of $4,368.

Alaska was also No. 1 in the highest average minimum monthly credit card payment with $297.76. South Dakota was the lowest with $172.98.

The average credit card balance for consumers 65 and older in the US was $7,484 and an average credit limit of $57,166.

From Jan 1.- March 31, LendingTree researchers recorded 307,000 credit reports from their users who had an active credit card.

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LendingTree: Arizona seniors have 12th-most credit card debt in US