The nation’s five largest states, based on overall credit card debt outstanding at year-end 2008, posted a slight decline of less than 1%, compared to the prior year. The biggest decrease was recorded for Texas and California, where year-on-year card debt slipped by 0.6% and 0.5%, respectively. Nationally credit card debt declined by 0.3% last year. According to CardData, total credit card debt for 2008 was $958.1 billion, compared to $961.0 billion for 2007. The total includes bank-issued credit cards as well as retail credit cards. According to a survey recently released by TransUnion, the aggregate balance on all bank-issued credit cards for an individual bankcard borrower inched upward nationally by 0.8% to $5,776 from the previous quarter and by more than 4%, compared to the first quarter of 2008. TransUnion also found that the steepest increases in average bankcard debt over the previous quarter occurred in Alabama (+5.6%), Mississippi (+5.4%) and Tennessee (+4.7%). The District of Columbia experienced the largest drop in average bankcard debt (-1.5%), followed by the Wyoming (-1.2%) and New Jersey (-1.1%).
CREDIT CARD OUTSTANDINGS 2008 (bank and retail credit cards) California $134.9 billion New York $ 78.7 billion Florida $ 70.8 billion Texas $ 53.1 billion Illinois $ 48.3 billion Source: CardData (www.carddata.com)