Utah seeing massive uptick in people missing credit card payments
Jan 23, 2024, 11:00 AM | Updated: 11:14 am
(Megan Nielsen/Deseret News)
SALT LAKE CITY— Utah is seeing a large increase of people not making their minimum credit card payments.
According to a new report from WalletHub, from the third quarter of 2022 to the third quarter of 2023, Utah had the fourth-highest increase in credit card delinquency at nearly 47%.
Utah’s massive spike fell only short of Alaska, Wyoming, and Oregon. Oregon topped the list at 51%.
WalletHub stated that Oregon topped the list because it had a massive spike in household debt in 2023. The company also wrote that Wyoming doesn’t have the strongest state economy. Alaskans have the country’s highest median credit card debt, and many cannot delay payments.
The company did not specifically state why Utah ranked so high.
Rounding out the top ten delinquency increases behind the Beehive State are:
5. Hawaii
6. Idaho
7. Colorado
8. Washington
9. California
10. Michigan
The states with the lowest delinquency rate increases were:
46. New Mexico
47. Massachusetts
48. Alabama
49. Montana
Iowa had the lowest increase, as it didn’t experience any change. Iowa was the only state to see its delinquency rate drop during those twelve months.
Tips for managing credit card debt
WalletHub encouraged people with credit card debt to do things like:
- Create a budget.
- Monitor spending and cut out unnecessary expenses.
- Set up autopay if possible.
- Create an emergency fund.
- Communicate with the bank and or creditors. Sometimes if you’re at risk of missing a payment, they might be willing to work out a temporary arrangement to avoid missing a payment.
- Get back on track as soon as possible after missing a payment.
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- America’s dependence on credit cards is growing. The Fed’s rate hike will make it more painful
- The Fed’s rate increase will hit car loans, new mortgages, credit cards