SCVNews.com | WalletHub: Santa Clarita Ranks 3rd in Credit Card Payments Nationally
WalletHub recently released its Credit Card Debt Study and found Santa Clarita ranked third among all respondents for paying off credit card debt.
WalletHub’s Credit Card Debt Study found that consumers paid off $13.2 billion in credit card debt during the first quarter of 2022 (76% less than last year). Additionally, WalletHub’s Fed Rate Hike Report found that a Federal Reserve interest rate hike on June 15 would cost people with credit card debt an additional $3.2 billion. in the next year alone.
Please find below the key findings from the studies and accompanying consumer surveys. You can also check out WalletHub’s expert commentary (audio and video files included).
Credit card debt in Santa Clarita:
-Q1 2022 Change in household debt: -$199
-Average household debt: $14,937
-Q1 2022 Total change in debt: -$13,590,573
-Total outstanding debt: $1,021,756,207
Credit Card Debt Study Key Statistics
– Debt reduction. Consumers paid off $13.2 billion in credit card debt in the first quarter of 2022, down 76% from the same time last year.
-Upper average housekeeping. The average household credit card balance was $8,425 in Q1 2022, up 11.9% from Q1 2021.
-Average annual increase. The average annual increase in credit card debt over the past 10 years is just $49.7 billion.
-Best balance transfer credit cards. The best balance transfer credit cards currently offer 0% APRs for the first 15-21 months, no annual fees, and low balance transfer fees.
Key Findings from the Fed Rate Hike Survey
– More expensive debt. A Federal Reserve interest rate hike on June 15 would cost people with credit card debt an additional $3.2 billion in the next year alone. This is on top of the $4.9 billion increase already caused by previous Fed rate hikes this year.
-Consumers are not happy with rate hikes. 72 million Americans are upset about the Fed’s interest rate hike.
-Inflation concerns. 89% of Americans are concerned about inflation right now.
– Heading into a recession. 8 out of 10 Americans believe we are heading into a recession.
-More worries about inflation than about high rates. 76% of Americans are more concerned about high inflation than high interest rates.
-People are spending less because of rate increases. About 1 in 2 people (49%) want to spend less money because of the Fed’s rate hikes this year.
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Please let me know if you have any questions or would like to arrange a phone, Skype or in-studio interview with one of WalletHub’s experts. WalletHub comments are also included below in text, audio, and video formats. Feel free to embed the YouTube video or edit the raw audio and video files as you see fit.