New report shows the average New Yorker's credit card debt
May 29, 2018
The average New York resident carried a $3,710 credit card balance in 2017, about $600 more than the national average, according to a report Tuesday from the state Comptroller's Office.
New York ranked seventh nationally in credit card balance per capita last year, well behind nation-leading Alaska, whose residents carried an average balance of $4,270.
Comptroller Thomas DiNapoli's report, which relies on data from the Federal Reserve Bank of New York, showed New York had a total of $58.2 billion in credit-card debt.
That total ranked fourth nationwide, which stands to reason: New York is the fourth most populous state.
"While a good credit record is seen as an element of strong financial health, bad credit standings can lead to damaging consequences," DiNapoli said in a statement.
"Experts say staying within your credit limit, paying bills on time and checking your interest rates will go a long way toward managing your credit."
After Alaska, New Jersey had the second highest per-capita total, followed by Hawaii, Maryland, Virginia, Connecticut and New York.
The report included a region-by-region look for 2016, the most-recent year the regional data is available.
Manhattan residents led the way with an average credit-card balance of $7,400 that year, followed by the Lower Hudson Valley at $6,800.
In Rochester, the average balance was $5,100, while Binghamton was at $4,700 and Elmira and Ithaca were at $4,300.