COLUMBUS, Ohio (WCMH) – Ohio ranks among the top 10 states where credit card delinquency is increasing the most, according to a recent report.
WalletHub, a personal finance company, analyzed its “proprietary user data” – or information owned by a company that is not made publicly available – to discover which states saw the biggest increase in credit card delinquency from the third quarter of 2023 to the third quarter of 2024.
Credit card delinquency occurs when a cardholder falls behind on making required monthly payments. A credit card is considered delinquent when a monthly payment is not made at least 30 days after the due date.
When it comes to the states that saw credit card delinquency increase the most, Ohio ranked at No. 10. Residents were delinquent on 39.44% more credit cards in Q3 of 2024 than they were in Q3 of 2023, according to the report.
“Being delinquent on a credit card is very bad for your credit score, and late payments remain on your credit report for seven years,” the report said. “While some credit card delinquency is always inevitable, when the rates of delinquency increase, that can indicate the economy as a whole is struggling.”
The state that saw the highest increase was Wyoming, where residents were behind on payments for 54% more credit cards in Q3 of 2024 compared with Q3 of 2023. Completing the top five was Rhode Island (43.94%), Alaska (43.72), Nebraska (42.55%) and Hawaii (41.92%).
Overall, every single state saw an increase in credit card delinquency from Q3 of 2023 to Q3 of 2024. The states that saw the smallest increases were Mississippi (25.53%), North Dakota (26.29%), Arkansas (28.86%), Oklahoma (29.41%) and New Mexico (30.30%).
While Ohio ranked among the states with the largest increases in credit card delinquency, 30 states had an higher overall rate of delinquent credit cards in Q3 of 2024. The states that had the highest share of delinquent credit cards were Mississippi (52.30%), along with Louisiana (44.63%), Alabama (42.38%) Arkansas (40.49%) and Oklahoma (37.99%).
