Florida cities rank high in credit card debt, study finds
PEMBROKE PINES, Fla. – Several cities in Florida are among those with the highest credit card debt per household, according to a recent study by WalletHub.
Pembroke Pines, Port St. Lucie, Fort Lauderdale, Cape Coral, Miami, Tallahassee, Jacksonville, Tampa, St. Petersburg, Hialeah, and Orlando feature prominently on the list.
Pembroke Pines ranks 10th nationally with an average household credit card debt of $17,896, amounting to a total city debt of $1.12 billion.
Port St. Lucie follows at 30th with $16,142 per household and a total debt of $1.21 billion.
Fort Lauderdale and Cape Coral also show significant figures, ranking 36th and 42nd, with household debts of $15,782 and $15,283 respectively.
Miami, often perceived as a financial hub with a bustling economy, ranks 48th. The average household credit card debt stands at $14,914, contributing to a total of $2.78 billion in city-wide credit card debt.
Other notable Florida cities include Tallahassee (57th, $14,454), Jacksonville (58th, $14,423), and Tampa (61st, $14,364).
The study highlights the disparity in financial health among different regions.
Cassandra Happe, a WalletHub analyst, pointed out that high debt levels in certain cities might reflect a combination of high credit card limits and the capacity to manage such debt effectively.
However, the overall trend indicates a growing concern for financial stability among Floridian households.
Florida’s economy, heavily reliant on tourism and service industries, may contribute to these high levels of credit card debt.
With seasonal employment fluctuations and economic pressures from the pandemic recovery, many residents have turned to credit cards to manage their expenses.
The study also shows that cities like Orlando, which ranks 89th with $13,317 per household, are not far behind. Hialeah and St. Petersburg rank 87th and 81st, respectively, with average household debts just over $13,000.
Nationally, the highest household credit card debts were found in cities like Santa Clarita, California, with $21,836, and Chula Vista, California, with $20,920. These cities, with their higher median incomes and stronger economies, often see residents maintaining high credit card balances with lower delinquency rates.
The WalletHub study draws attention to the increasing reliance on credit cards across the United States, noting that American households collectively owe $1.26 trillion in credit card debt, a figure projected to grow by $120 billion this year alone.
