Consumers in Oregon and across the U.S. are increasing their use of credit cards, according to a new report by CompareCards.com. In fact, the website found that Portland residents have the 10th highest credit card balance average in the country.
For the report, CompareCards.com analyzed credit card data from consumers in the top 50 U.S. cities. Researchers found that credit card balances grew an average of 3.6 percent over the last 12 months. However, some cities saw averages balloon more than 10 percent during the same period of time. Consumers in Austin, Texas, had the highest average credit card balance increase in the country. In September 2017, they averaged $6,165 in credit card debt. However, by September 2018, their average debt was $6,924, a spike of 12.3 percent.
St. Louis consumers had the second highest credit card balance increase over the last year, growing from an average of $5,555 in 2017 to $6,143 in 2018, which is a 10 percent increase. San Jose consumers came in third, with balances jumping from $6,043 in 2017 to $6,649 in 2018, which is also a 10 percent spike. San Diego consumers came in fourth, with balances increasing from $6,390 to $7,023 over the last year, an increase of 9.9 percent. Orlando rounded out the top five, with consumer balances jumping from $5,162 in 2017 to $5,661 in 2018, a jump of 9.7 percent. Meanwhile, Portland consumers saw their balances spike by 6.3 percent over the last 12 months, increasing from $5,817 in 2017 to $6,183 in 2018. Overall, the report found that consumers in Washington, D.C., had the highest average credit card balance in the U.S., with $7,649.
Sometimes, credit card debt can get out of control, forcing consumers to seek assistance. A bankruptcy attorney could help a client end creditor harassment and eliminate debt.