the staff of the Ridgewood blog
Ridgewood NJ, New Experian data has shown that despite the economic ups and downs of 2018, the use of credit has remained strong.
In fact:
· Overall consumer debt hit $13.3 trillion in the last quarter of 2018.
· Credit card debt totaled $834 billion, an all-time high.
· Auto loan balances reached $1.27 trillion, a record total.
· New Jersey had the 2nd highest average credit card balance of all states in 2018 at $7,511.
· At $15,838, New Jersey ranked 5th for lowest average auto loan.
· Only District of Columbia and New Jersey saw their auto loan balances decrease in Q4 of 2018.
· New Jersey is one of only 6 states that say a year-over-year decrease in average total debt.
You can read our entire study here:
https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
