10 States That Are Maxxed Out on Credit Cards

Finance.yahoo.com


Here are the top 10 states with the highest bankcard utilization ratios.

10. Louisiana
Average Balance: $3,503
Average Limit: $16,257
Average Utilization: 21.55%

Louisiana comes in last on our list, with a decently low average balance per consumer. The Bayou state could benefit from asking their credit card issuers to up their limits though — a tactic that can lower your utilization without forcing you to cut spending.

9. Texas
Average Balance: $4,072
Average Limit: $18,857
Average Utilization: 21.59%

The saying goes that “everything’s bigger in Texas” and that must be true of the state’s credit cards too, as the Lone Star state has the highest average limit of all of the states on our list. The high credit limit doesn’t mean that Texans aren’t spending though, as they also have the third highest balance.

8. South Carolina
Average Balance: $3,786
Average Limit: $17,351
Average Utilization: 21.82%

7. Oklahoma
Average Balance: $3,579
Average Limit: $16,396
Average Utilization: 21.83%

6. Arkansas
Average Balance: $3,469
Average Limit: $15,751
Average Utilization: 22.02%

Arkansas takes the prize for lowest average balance of any state that made our list. Perhaps residents of the Natural state could use a new credit card, which can add to their overall limit and decrease their utilization ratio.

5. Nevada
Average Balance: $3,999
Average Limit: $18,047
Average Utilization: 22.16%

4. Alabama
Average Balance: $3,618
Average Limit: $16,085
Average Utilization: 22.49%

3. Georgia
Average Balance: $4,246
Average Limit: $18,520
Average Utilization: 22.93%

Though Texas took the highest average limit of all the states on our list, Georgia wasn’t far behind. The state could try to skim more money off their monthly expenses to cut their utilization ratio.

2. Mississippi
Average Balance: $3,384
Average Limit: $14,644
Average Utilization: 23.11%

Though this state comes in second in our rankings, its residents aren’t charging more dollars, on average, than any other state on our list. The high utilization ratio in Mississippi is due primarily to the fact that its average limit per consumer is very low.

1. Alaska
Average Balance: $4,563
Average Limit: $16,453
Average Utilization: 27.73%

While all of the other states in our rankings stayed below a 25% utilization ratio, Alaska broke that barrier. This should come as no surprise to those who pay attention to Alaskans’ personal finances. The 49th state has recently topped lists of the highest credit card balances and highest revolving account debt. Read more >>