BUFFALO, NY - Credit card debt is skyrocketing around the country, and new numbers released Monday give us a look specifically at Western New York.
Credit card debt is actually a sign that Americans have confidence in the economy - but it's a troubling trend, no doubt. Last year alone, Americans added more than $90 billion in credit card debt. And when you look at all outstanding credit card debt, we went over the $1 trillion mark for the first time ever.
In a new survey by Wallethub, about six in ten people said it's worth going into debt for health care. About half said housing, a third said travel, and 15 percent said clothing.
The report breaks down thousands of cities across the U.S. using data from the Census, Federal Reserve, and TransUnion.
Across the U.S., the average household had about $8,600 in credit card debt at the end of last year.
There's good news for our region in this WalletHub report, though.
Here in Western New York, Orchard Park had the highest debt - but it was only $8,126, which is less than the nationwide average. So we're in much better shape than much of the country.
When WalletHub factored in things like income and the ability to pay off debt, it found people in Cheektowaga are the most strained.
There, average debt is a little more than $7,000, up roughly eight percent. And on average, their debt is more than 17 percent of their total income - a pretty high ratio.
Source: WalletHub