This Is How Texans Can Get Rid of Their Credit Card Debt Fast

Texas Ranks 2nd in the Nation for Credit Card Debt Increases

Texas, we have a problem. According to the latest analysis from WalletHub, our credit card debt is soaring at an alarming rate. Using data from TransUnion and the Federal Reserve, WalletHub reports that Texas households are among the hardest hit by rising credit card balances. However there are sections of Texas that are faring far better than other parts of the Lone Star State. For example, parts of West Texas were recently named as some of the more affordable places to live in Texas.

Texas’ Rising Debt Dilemma

The numbers are staggering. In the second quarter of 2024, Texas saw an increase of over $3.33 billion in credit card debt. That’s not just a statistic, it’s a wake-up call. The average household in Texas now carries a balance of $12,485 in credit card debt. This ranks Texas as 2nd in the nation for the largest increase in credit card debt.

Get our free mobile app

While we Texans are well known for our resilience and big-hearted generosity, these levels of debt are a reminder that our financial health needs fixing in a big way. I firmly believe that inflation and rising prices in America as discussed in the last election, are the reason for the hike. As a father of eight, I’ve often advised my children, "do not rely on credit cards to live on they'll destroy you." You never know when an emergency will arise and you'll need that credit to help you out.

Texas Stats

• Increase in Texas Debt: The average credit card debt in Texas increased by $3,333,831,213 in Q2 2024.
• Average Texas Household Debt: The average household in Texas owes $12,485 in credit card debt.
• Texas Rank: Texas’s credit card debt increase ranks as the 2^nd highest in the nation.
  Source: TransUnion, U.S. Federal Reserve, WalletHub

The National Picture

Nationally, credit card debt has also climbed, but there is a little glimmer of hope. during the second quarter of 2024, the increase in credit card debt was at $36 billion, a 17% decrease compared to the same quarter in 2023. Total credit card debt across America now stands at approximately $1.28 trillion, which is still 13% below the inflation-adjusted peak from December 2008.

Stop and let this soak in for one hot minute here, are you aware that the average credit card interest rate is a high 22.76%. At that rate nearly all those households that have credit card debt will be struggling to get ahead for at least three to four and a half years to pay off that credit card debt.

A Call to Action

If you’re feeling the pinch of rising debt, you’re not alone. Take a moment to study your finances, look at your resources, and tackle your balances. Texans can overcome this financial hurdle and build a more stable future for ourselves.

How Texans Can Eliminate Credit Card Debt Fast

With the average credit card balance for Texans well above the national average of $10,680, it’s critical that we act now. Financial experts recommend exploring balance transfer credit cards offering 0% APR for up to 21 months to lower your interest burden. What's more interesting is the fact that of all Texans 18 to 29 year olds have managed to keep their credit card debt well below the national average, way to go young Texans.