Nevada remains the fastest growing state for credit card activity with an annual growth rate of 13% versus a national average of 9% for last year. Bank credit card balances, excluding retail credit cards, averaged $7,875 per Nevada household versus a national average of $6,276 for 2002. Consumers in Nevada owed $6.3 billion in bank card balances at the end of 2002, compared to $5.6 billion at the end of 2001. According to data complied by CardData and RAM Research Group, Idaho was the second fastest growing state for bank credit card debt, followed by Iowa, New Mexico, and North Dakota.
Bank Credit Card Outstandings STATE 2002 2001 CHNG Nevada $6.3b $5.6b +13% Idaho $4.8b $4.3b +12% Iowa $5.1b $4.6b +11% New Mexico $3.9b $3.5b +11% North Dakota $1.0b $0.9b +11% Source: RAM Research's Bankcard Barometer (Aug 03) and CardData (www.carddata.com)