The 10 states with the highest average credit card debt—and they aren't New York or California

Americans with recognition paper indebtedness look a treble whammy.

First, there's inflation. Prices connected a wide handbasket of user goods are up 8.3% from this clip past year, a fig that includes adjacent larger hikes successful the outgo of food, shelter, gasoline and aesculapian care.

At the aforesaid time, recognition paper rates are connected the rise. In an effort to tame inflation, the Federal Reserve has embarked connected a bid of hikes to short-term involvement rates, which has successful crook pushed up the rates connected recognition cards. Run a equilibrium connected your paper and you'll person to wage it backmost astatine a complaint of 18.1%, connected average, according to Bankrate — the highest complaint since 1996.

"All of this worldly is related," says Ted Rossman, elder manufacture expert astatine Bankrate. "Balances are going up due to the fact that of ostentation and due to the fact that of immoderate bully worldly too, similar unleashed request for travel. Add successful the highest involvement complaint successful 2 decades and it's a pugnacious combination."

The result: Americans present transportation a near-record magnitude of recognition paper debt, with the mean household owing $8,942, according to recent information from WalletHub.

For residents of immoderate states, the mean is adjacent higher. Here are the 10 states with the highest mean household recognition paper debt, according to WalletHub.

1. Alaska: $11,277
2. Hawai'i: $10,190
3. Virginia: $9,176
4. Maryland: $9,120
5. Connecticut: $9,088
6. New Jersey: $8,956
7. Colorado: $8,906
8. Georgia: $8,699
9. Texas: $8,681
10. Utah: $8,527

Alaska besides leads the mode for the biggest mean summation to household indebtedness successful the 2nd 4th of this year, with a bump of $770. Hawai'i ($696), Virginia ($627), Maryland ($623) and Connecticut ($621) circular retired the apical five.

If you're carrying a equilibrium connected your recognition card, you'd beryllium omniscient to marque paying it down a apical priority, says Rossman. "If you're adjacent the mean complaint of 18%, deliberation of each dollar you walk connected that indebtedness arsenic an 18% guaranteed risk-free, tax-free instrumentality connected your investment," helium says.

The astir straightforward mode to find other wealth to enactment toward your indebtedness is to either walk little oregon gain more. But that's easier said than done.

Beyond that, see these 3 strategies to assistance easiness the load of paying down high-interest indebtedness astatine a clip erstwhile some expenses and rates are headed upward.

1. Sign up for a equilibrium transportation recognition card

Once you transfer your recognition paper balance to 1 of these cards, you'll beryllium nary involvement for astatine slightest six months and up to 21 months. You tin past usage that 0% APR play to wage down your indebtedness without involvement charges.

The cardinal to this strategy is to not marque immoderate purchases connected the caller paper and absorption solely connected paying down debt, says Rossman. "Divide what you beryllium by the fig of months with nary interest," helium explains. "You could get retired of indebtedness successful 21 months without interest, having conscionable had to wage the upfront transportation fee."

2. Get a low-rate idiosyncratic loan

Depending connected your recognition score, you whitethorn beryllium capable to consolidate your indebtedness nether a idiosyncratic loan, with banks presently offering involvement rates arsenic debased arsenic 5.73%. That's not a locomotion successful the park, but it's a acold outcry from the 18% mean you'll wage to transportation a equilibrium connected your recognition card.

3. Use a recognition counseling service

A non-profit recognition counseling bureau tin assistance negociate a little complaint connected your debts and enactment you connected a outgo program you tin much easy afford. "If you person much than $5,000 successful debt, these tin beryllium truly beneficial," says Rossman.

However, don't confuse these services with indebtedness colony oregon indebtedness consolidation firms, which often run astatine a nett and employment practices that tin vessel your recognition score. You tin find a reputable recognition counseling bureau done the National Foundation for Credit Counseling's agency finder tool.

Sign up now: Get smarter astir your wealth and vocation with our play newsletter

Don't miss: Inflation is up 8.3% since past year—and much Fed complaint hikes are apt looming