DENVER (KDVR) — Denverites are dodging debt better than most.
Financial adviser site WalletHub analyzed credit card debt across the U.S.’s largest cities to see which is conforming most to a national trend.
Across the nation, people have been racking up more and more credit card debt and paying back less and less of it in the face of the worst inflation in 40 years. Homeowners and renters both increasingly report having to put more of their basic expenses onto credit cards.
“U.S. consumers are back to bad habits when it comes to credit card debt,” the report reads. “Consumers added an all-time record $179.4 billion in new credit card debt to their tab during 2022. Now, consumers have started 2023 by paying down just $24 billion – the second-smallest first-quarter credit card debt paydown in the past decade.”
Denverites, though, apparently aren’t under the same pressure as other cities. Between the first quarters of 2022 and 2023, the average household credit card debt has increased by $1,321, one of the 20 lowest increases in credit card debt among nearly 200 cities.
Aurora residents, however, are having a tougher time. Aurora households have stacked twice the credit card debt in the last year as Denver households, with an increase of $2,909 since 2022. This is the 28th highest rate of credit card debt increase.