(Des Moines) Household debt is on the rise due to inflation and higher interest rates, which has consequently led to an increase in credit card rates. To avoid getting stuck with high rates, financial counselor Ryan Stuart from Iowa State University Extension recommends that consumers shop around for better options.
According to the Federal Reserve, the total household debt in the US has surpassed 17 trillion dollars. The District of Columbia has the highest credit card debt per capita, followed by Alabama, Hawaii, New Mexico, Maryland, Connecticut, North Dakota, Vermont, Colorado, and Florida. It’s worth noting that Iowa is ranked seventh among US states with the least amount of credit card debt.
