Recent data revealed that consumers in this country have exceeded $1 trillion in credit card debt. This translates to roughly $9,000 of debt for each household, according to reports. Understandably, this has propelled many families across the nation into the need for debt relief. There are, however, several cities that far exceed the average level of household debt. Unfortunately, two cities in Connecticut are in the top 10 in the nation with the highest averages.
Darien, Connecticut, has the distinction of having the second highest average household credit card debt in the country. At $28,714, this amount is significantly over the average household debt nationwide. Number six on the list was Westport, Connecticut, with an average of $25,627. The reports, from an online financial website, compiled data from the Census Bureau, Federal Reserve and credit-reporting agencies. They showed that many cities that fell within the top 10 were in states that typically have higher taxes and expenses.
The city with the highest average credit card debt was Ewa Beach, Hawaii, with an average just over $30,000. Two cities from New York, Dix Hills and Scarsdale, were included on the top 10 list. Calabasas and Beverly Hills, California, both with average debt over $24,000, also graced the list.
Since maintaining high levels of credit card debt can have an adverse effect on one’s finances, experts strongly recommend taking steps to eliminate it. Advisers stress the importance of fully understanding income streams and expenses, as well as establishing savings. Once a complete analysis is done, develop a plan to reduce credit card debt.
Even if a person does not live in one of the cities with the highest averages of credit card debt, any level of debt can create financial stress. When someone is in need of debt relief, it would be beneficial to contact a Connecticut bankruptcy attorney for assistance. A knowledgeable lawyer will work closely with clients to help them take the steps necessary to get them back on track with their budgets.