AUSTIN, Texas — Households in Texas have some of the highest credit card debit in the U.S., according to a recent study from WalletHub.
Recent data shows that from April to June, Texans had the second-highest credit card debt increase in the country.
"This data is all from the Federal Reserve as well as some census numbers to get a good picture of what it means for the population," said Jill Gonzalez, an analyst for WalletHub.
On average, residents of Texas have an average household debt of more $9,200.
"Year-over-year, we are seeing this number grow and grow. In 2020, we saw people pay off debt, but every year since, its only [gotten] higher and higher,” Gonzalez said.
Gonzalez said the increase in debt is due to a number of factors.
“Inflation is a huge factor; things just costing more money, and when we are looking into credit card debt, that number is growing overnight anytime the federal reserve heightens rates," Gonzalez said.
Todd Christensen is the education manager with Money Fit, a nonprofit that works with people and helps them get out of credit card debt.
"If you want to get out to credit card debt, [the] first thing you have to do is stop digging the hole," Christensen said.
Christensen said many people get into debt just to simply get by.
"A lot will recognize, 'Look, I know I over spend, I am spending on things I don't need,'" Christensen said.
Christensen encourages people to become disciplined and focused on paying for necessities and not wants, like a phone or a vacation. He said a good way of doing that is setting up a spread sheet to break the numbers down.
"You can figure out what method is best for you, how to come up with the extra payment and get that sent off as soon as you can," Christensen said.
Christensen said others will say it is tough to pay the bills, but there are professionals who can help.