NEW YORK—Mississippi has the highest percentage of people who are struggling to repay debts, analysts at Moneywise reported, adding that Christmas is expected to make matters worse in this state and across the country.
“With debt already a big issue in America, Christmas may add to this further with around one-third of families taking on more debt during the holiday period,” Moneywise said.
“The data clearly indicate that late credit card payments are a concern across multiple states, regardless of the average debt levels. States like Mississippi and Georgia have a notably higher percentage of consumers falling behind on payments, suggesting significant economic stress among their residents,” Moneywise said.
Moneywise broke down the growing problem across the U.S., analyzing data from TransUnion's Credit Industry Snapshot.
States with the most consumers with debt repayments 30+ days past due
1. Mississippi: 7.05% of Consumers Are 30+ Days Past Due
Mississippi leads in the percentage of consumers who are 30+ days behind on their credit card payments, with 7.05% of cardholders failing to make timely payments. Mississippi also has one of the higher percentages of consumers 90+ days past due, at 3.64%. The state's average bankcard debt is $5,439, lower than many others, yet more consumers in Mississippi are struggling to keep up compared to their counterparts across the country, Moneywise said.
2. Georgia: 6.32% of Consumers Are 30+ Days Past Due
Georgia follows closely behind Mississippi, with 6.32% of consumers 30+ days past due. The average bankcard debt in Georgia is high, at $6,817, and 3.27% of consumers are 90+ days past due. The data points to a high level of financial pressure on consumers in the state.
3. Louisiana: 6.09% of Consumers Are 30+ Days Past Due
In Louisiana, 6.09% of credit card holders are behind by 30 days or more. The average bankcard debt sits at $6,109, and 3.08% of consumers are 90+ days behind on payments, Moneywise said.
4. Alabama: 5.81% of Consumers Are 30+ Days Past Due
Alabama has 5.81% of its credit card consumers falling behind by more than 30 days. Additionally, 2.90% of consumers are 90+ days overdue. “This indicates that a significant portion of Alabamians are struggling not just with missing one payment but are unable to catch up for multiple months,” Moneywise said.
5. Texas: 5.49% of Consumers Are 30+ Days Past Due
Texas shows a 5.49% rate of consumers who are overdue by at least 30 days. Despite a relatively high average bankcard debt of $6,838, the rate of late payments remains moderate compared to other states on this list, indicating varied experiences across the state's large population.
6. Florida: 5.46% of Consumers Are 30+ Days Past Due
Florida sees 5.46% of consumers struggling to pay off their credit cards on time. The average bankcard debt in the state is $6,769, with 2.84% of consumers being 90+ days overdue. Given Florida's high population and the rising costs of living, late payments are likely reflective of increasing financial pressures, Moneywise said.
7. Nevada: 5.40% of Consumers Are 30+ Days Past Due
With 5.40% of consumers more than 30 days overdue, Nevada joins the list of states experiencing significant delays in credit card payments. The state also has one of the highest average debt levels at $6,968, and 2.94% of consumers are 90+ days behind.
8. Arkansas: 5.34% of Consumers Are 30+ Days Past Due
Arkansas has 5.34% of its consumers lagging in their credit card payments by 30 days or more, with an average bankcard debt of $5,470. “The lower-than-average debt has not entirely spared the state's consumers from falling behind on their obligations,” Moneywise said.
9. North Carolina: 5.26% of Consumers Are 30+ Days Past Due
North Carolina has 5.26% of its consumers failing to meet their payment deadlines by over 30 days. “This state boasts a lower-than-average debt at $6,079, and only 2.68% of consumers are 90+ days behind. These figures suggest that, while the average debt may be manageable for most, a substantial portion still struggles to make consistent payments,” Moneywise said.
10. West Virginia: 5.23% of Consumers Are 30+ Days Past Due
Rounding out the list, West Virginia has 5.23% of consumers who are 30+ days behind on their payments, with an average bankcard debt of $5,286—the lowest among the states in this list. Despite the modest debt levels, 2.75% of consumers are 90+ days behind, indicating that even small debts can become burdensome under certain conditions.