Oregonians Now Owe an Average of $6,200 on Credit Cards as Defaults Climb
Credit card debt has been mounting steadily in Oregon since the pandemic, with average balances of $6,200 last year.
Oregon is Ranked 30th Among all States
Nevertheless, Oregon remains below the national average of $6,730, and is ranked 30th among all states.
This information has been uncovered by Experian, a credit card reporting firm, which states that fewer than 10% of Oregonians with credit cards are behind on their monthly debt repayments, making them less likely to renege on their payments.
However, the Federal Reserve Bank of Philadelphia reports that credit card payment default rates have increased from 6.9% in 2021 to just under 10% by the end of 2024. Also, credit card balances are on par with the national average, increasing by 3.6% last year.
Credit Card Debt in the U.S. Now Tops $1.2 Trillion
Data from the Federal Reserve shows that credit card debt in the U.S. began rising in 2021, reaching $1.2 trillion last spring.
Another post-pandemic development is that severely delinquent credit card borrowers, those behind with repayments by 90 days or longer, have climbed to 13%.
Experian points out that credit card borrowers can become overwhelmed by growing debt because of the high interest rates charged on credit cards.