Residents of several California cities are experiencing a surge in credit card debt, according to statistics from various cities.
According to a new report from Wallet Hub, Chula Vista, a suburb of San Diego, has seen the highest rate of residents who are unable to pay their credit card bills, with an 85 % increase in credit card debt in the first quarter of 2024 compared to the same time period a year ago.
According to the report,” Chula Vista’s crime rate is rising because its people are just borrowing more.” Citizens of Chula Vista added the second-highest total balance to the sixth-most credit card debt over the past month. Therefore, many people find it hard to pay their bills”.
San Francisco ranked fourth among U. S. cities with an 84 % increase. Another California cities, including Irvine, Santa Ana, and Long Beach, also saw major increases in credit card debts, placing them among the world’s top 25 locations with persons struggling to pay their credit card bills.
Madison, Wisconsin, saw the world’s subsequent- highest increase in credit card delinquency despite showing a “relatively small amount of credit card debt a small year- over- year increase compared to most other big cities”, the report noted.
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Garland, Texas, and Lincoln, Nebraska, even experienced a amazing increase in credit card crime, rounding out the study’s leading five places.
According to Wallet Hub’s report, the 100 largest cities were compared to each other’s data on consumer delinquency rates between the first quarter of 2023 and the first quarter of 2024.
