Florida Among States With Highest Credit Card Debt

Florida is among the top 10 states where residents have the most credit card debt. That's according to a report released Tuesday by New York Comptroller Thomas DiNapoli. According to the study, Florida residents had racked up a whopping $59.2 billion in credit card debt by the end of 2017.

But that pales in comparison to California — the state where you'll need to earn the most to be considered "rich" — where the total was $106.8 billion.

These were the top 10 states with the most credit card debt, according to DiNapoli:

1. California $106.8 billion
2. Texas $67.3 billion
3. Florida 59.2 billion
4. New York $58.1 billion
5. Pennsylvania $33.2 billion
6. Illinois $32.2 billion
7. New Jersey $29.6 billion
8. Ohio $26.7 billion
9. Virginia $26.5 billion
10. Georgia $26.3 billion

The report offered some sobering statistics about credit card balances nationwide, which declined between 2008 and 2013 but began climbing again in 2014, DiNapoli said.

In 2017, there were nearly 470 million credit card accounts with available balances totaling $3.5 trillion nationwide, with credit cards being the most common method for consumer borrowing, the report notes.

"While a good credit record is seen as an element of strong financial health, bad credit standings can lead to damaging consequences," DiNapoli said. "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."

The total debt was based on data compiled in February by the Federal Reserve Bank of New York, DiNapoli said. Read the full report here.

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