Bellingham’s average credit card debt surpassed $5,000 in 2023, according to recent report
Americans have $1.17 trillion in household credit card debt, and Bellingham residents have been racking up some spending, according to a recent report.
A December report by Upgraded Points, a financial and travel data website, compared credit card delinquency rates, late credit card payments and debt amounts across the United States.
America’s household credit card debt in 2023’s fourth quarter reached $1.13 trillion, increasing 15.2% compared to 2022’s fourth quarter, “the fastest credit card debt accumulation in nearly 20 years,” according to the report.
As credit card debt grew, the inability to pay debt off in time also increased. Delinquent credit card debt, or debt 90 days or more overdue, rose from 9.4% in 2021 to 12.2% in 2023.
In Washington, 8.4% of cardholders had delinquent credit card debt in 2023’s fourth quarter.
In Bellingham, 7.5% of cardholders had delinquent debt, with the average credit card debt at $5,418. In the Seattle, Tacoma and Bellevue metro area, 7.7% of cardholders had delinquent debt, with an average of $6,858 in credit card debt.
In Bellingham, 20.4% of cardholders utilized more than 75% of their total credit limits, “which can hurt credit scores and make it more difficult to secure loans or favorable interest rates in the future,” according to Upgraded Points.
Upgraded Points used data from the Federal Reserve Bank of New York’s Consumer Credit Panel and the Federal Financial Institutions Examination Council.
This story was originally published December 11, 2024 at 5:00 AM.
