When it comes to consumer spending, the mantra in Connecticut appears to be “charge it!”
According to a new report from Upgraded Points, a travel company specializing in strategies on maximizing travel points and rewards, Connecticut ranks second among the states for the highest average credit card balance, with $7,258 in plastic debt. Alaska leads the nation, with an average credit card balance at $8,515; New York, in comparison, is relatively frugal with an average balance of $6,671.
Alex Miller, CEO at Upgraded Points, observed that in higher-income states like New York and Connecticut, “their absolute amounts aren’t that high as a percentage of their income.” Indeed, Connecticut’s average income of $70,121 and New York’s average income of $60,991 is considerably greater than the Alaskan average income of $56,042. Miller added that the credit card users in the high-income states “tend to have a greater ability to pay off their credit cards overall.”