CLARKSBURG, W.Va. — A recent report from Self found that West Virginia has been doing better on average than the average of the rest of the nation when it comes to its citizens credit card debt.
The summary for West Virginia showed:
- Credit card delinquency rate: 8.66%
- Credit card debt balance per capita: $2,210
- Average credit score: 695
- Median household income: $48,850
- Unemployment rate (2020 average): 8.3%
With the help of the COVID-19 relief efforts, many Americans find themselves better able to manage their credit card debt and thus, are more capable of of avoiding delinquency. The total U.S. credit card debt dropped from $930 billion in 2019 to $770 billion at the start of 2021.
Researchers at Self analyzed data from the New York Fed, Experian, the U.S. Census Bureau, and the U.S. Bureau of Labor Statistics. Rankings were given via the percentage of credit card debt that was severely delinquent (90 days or more) in the fourth quarter of 2020.
The rate of delinquency across the nation mostly dropped, though a few still retained a rate higher than 10%.
The primary targets for the government’s relief money were student loan and mortgage delinquency rates. Both saw massive relief, while other debts plateaued or rose slightly.
Credit card companies’ efforts worked wonders as well. They lowered or deferred monthly minimum payments, waived or refunded late fees, reduced interest rates and offered payment plans. This temporarily halted a rise in severe delinquencies in 2020.
The original report can be found on Self’s website: https://www.self.inc/blog/states-with-the-most-credit-card-debt