SoCal Millennials Are Piling On Most Credit Card Debt
Beverly Hills’ Millennials were far ahead of the competition in terms of credit card debt, showing, as Statista’s Katharina Buchholz explains, the correlation that exists between high incomes and credit card use in the United States. Cities in affluent Southern California, especially in the Los Angeles area, had some of the highest average per capita credit card debt rates for Millennials, according to website Experian.
Beverly Hill’s Millennials piled on an average of more than $12,000 in credit card debt, far more than second-placed Monsey in the New York area, where the average debt rate was around $8,600.
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Because high incomes normally lead to better credit scores, richer people are able to go into more debt on their cards. High debt municipalities were most often found around big cities, showing another reason Millennials might feel the need to go into debt: high cost of living. In recent years, U.S. wage growth has not kept up with housing costs, a fact that is amplified in bigger cities – top 10 cities for credit card debt among Millennials were found around L.A., New York, Houston, Miami and Austin.
Tue, 12/17/2019 – 23:45