New Yorkers are racking up credit card balances at one of the fastest rates in the country, according to a new report from WalletHub.
The state saw a $1.76 billion increase in total credit card debt during the second quarter of 2025—ranking fourth highest in the U.S. The average New York household now carries $12,045 in credit card debt, well above the national average.
Nationally, credit card debt rose by $28 billion in Q2. While that’s still a sharp increase, it’s actually 21% smaller than the jump seen during the same period in 2024, according to Federal Reserve data.
WalletHub notes that while total debt remains high—around $1.32 trillion—it’s still 13% below the inflation-adjusted peak. The average household across the country holds about $10,951 in credit card debt, or roughly $2,000 less than the record high.
Early numbers from July show debt continuing to climb, with a 0.4% year-over-year increase, indicating that spending remains elevated heading into the second half of the year.
Experts say consumers struggling with balances may benefit from 0% APR balance transfer offers, which some credit cards are offering for up to 24 months with no annual fees.
WalletHub’s full study includes state-by-state breakdowns of debt increases, delinquency rates, and payoff projections.
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