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NYS Comptroller

THOMAS P. DiNAPOLI

News

From the Office of the New York State Comptroller

Thomas P. DiNapoli

May 29, 2018, Contact: Press Office (518) 474-4015

DiNapoli: New York State Fourth Nationwide in Credit Card Debt


New York state ranked fourth nationwide in credit card debt at $58.2 billion in 2017, according to a report released today by State Comptroller Thomas P. DiNapoli.

Although credit card debt declined significantly in the state from 2008 through 2013, the trend reversed in 2014 as per capita balances rose by more than 14 percent through 2017 to $3,710, nearly 20 percent above the national average.

In 2017, 8.3 percent of credit card debt in New York state was delinquent by 90 days or more, higher than the national average of 7.5 percent. Nevada was the highest at nearly 11 percent.

DiNapoli warned consumers about managing credit card debt.

"While a good credit record is seen as an element of strong financial health, bad credit standings can lead to damaging consequences," DiNapoli said. "Experts say staying within your credit limit, paying bills on time and checking your interest rates will go a long way toward managing your credit."

In 2017, there were nearly 470 million credit card accounts with available balances totaling $3.5 trillion nationwide, with credit cards being the most common method for consumer borrowing, according to the report.

Consumers should be aware of the costs of interest and fees. The federal Consumer Financial Protection Bureau provides advice and resources to help consumers deal with issues related to credit cards and other personal finance concerns. For information about credit cards, see https://www.consumerfinance.gov/ask-cfpb/category-credit-cards/.

Other federal and State agencies also provide helpful hints for holding and using a credit card. These include the Federal Trade Commission (https://www.consumer.ftc.gov/topics/credit-and-loans), the Federal Reserve Bank of New York (https://www.newyorkfed.org/banking/protection.html) and the New York State Division of Consumer Protection (https://www.dos.ny.gov/consumerprotection/pdf/Choosing%20and%20Using%20Credit%20Cards.pdf).

Read the report, or go to: http://osc.state.ny.us/reports/economic/credit-card-debt-2018.pdf

Find out how your government money is spent at Open Book New York. Track municipal spending, the state's 145,000 contracts, billions in state payments and public authority data. Visit the Reading Room for contract FOIL requests, bid protest decisions and commonly requested data.


Albany Phone: (518) 474-4015 Fax: (518) 473-8940
NYC Phone: (212) 383-1388 Fax: (212) 681-7677
Internet: www.osc.state.ny.us
E-Mail: press@osc.state.ny.us