Which cities have the most credit card debt?

You may be interested in pursuing a balance transfer no matter where you live, but there are a number of cities facing higher card balances than others. 

Credit card debt ballooned to a record $1.14 trillion nationwide in the second quarter of 2024, according to the Federal Reserve Bank of New York, but some cities have been hit harder than others. 

A Forbes Advisor study surveyed residents of 25 major metropolitan U.S. cities to uncover where people are struggling the most.

As of August 2024, residents of Denver, Colorado were found to be the most burdened by credit card debt, while Chicago, Illinois, was the least burdened among those surveyed. 

The survey also highlighted that today’s cost of living is a primary factor in accumulating debt for more than half (54%) of respondents.

Top 5 Cities Most Burdened by credit card debt

1. Denver, Colorado

Denver’s score: 100 out of 100

Compared to other American cities, Denver has the highest percentage of residents (18%) who consistently struggle to make any payments on outstanding credit card debt balances. 

Additionally, survey respondents who live in Denver have made notable lifestyle adjustments in order to deal with their debt. 

The city ranked highest for reports of postponing major expenses (39% of regional respondents) and reducing socializing with friends and family to cut back on costs (36% tying Las Vegas).

2. Austin, Texas

Austin’s score: 97.52 out of 100

Austin’s credit card debt has one of the highest impacts on local life. This Texas city has the highest percentage of residents who report having to cut back on eating out or ordering in due to credit card debt (72%). 

It's also the second-highest for the proportion of locals who report postponing major expenses (37%) or moving to a cheaper home or neighborhood (16%) as a result of holding card debt.

3. San Antonio, Texas

San Antonio’s score: 91.70 out of 100

Not far from Austin, residents of San Antonio have similar burdens when it comes to credit card debt. 

This city has the highest percentage of residents who expect to need anywhere from one to three years to pay off their existing debt, with 38% of survey respondents self-reporting this timeframe. 

San Antonio tied San Jose, California, as the city with the second-highest percentage of residents struggling to make any payment at all toward their outstanding balance (12%), and a full quarter of respondents regularly only pay the minimum balance.

4. Jacksonville, Florida

Jacksonville’s score: 90.78 out of 100

Jacksonville just barely trails San Antonio when it comes to the impact of credit card debt. This city has the highest percentage of residents in a major metropolitan area who report having to move to a cheaper home or neighborhood due to credit card debt (18%). 

The city also comes in as the third highest for the number of respondents who have reduced socializing with friends or family due to their debt, with nearly a third (31%) cutting back in this area.

5. Columbus, Ohio

Columbus’ score: 82.28 out of 100

Columbus rounds out the top five cities with credit card debt in the United States. This midwest city is third-highest for the percentage of residents only making minimum payments on their card (26%). 

It's also third worst when it comes to timelines for paying down debt—17% of respondents anticipate needing three years or more to pay off their balance. Furthermore, a third of residents have postponed major expenses because of their already existing debt levels.

Methodology

To determine which cities are most burdened by credit card debt, Forbes Advisor commissioned a survey of 2,500 U.S. adults (100 from each of the 25 most-populated cities), which was conducted by Talker Research. They considered nine metrics spanning three key categories, which are listed below with their corresponding weights:

Outstanding Credit Card Balances (35% of Total Score)

This considered the percentage of residents who report typically:

• Struggling to make any payment towards their outstanding credit card balance (20% of total score)
• Paying only the minimum balance on their credit card (15% of total score)

Repayment Timeframes (21% of Total Score)

Specifically, Forbes looked at the percentage of respondents who anticipate taking:

• More than three years to pay off their credit card debt (13% of total score)
• Between one and three years to pay off their credit card debt (8% of total score)

Sacrifices Made Due to Credit Card Debt (44% of Total Score)

The following personal sacrifices survey respondents make in order to pay down debt also comprised part of their ranking:

• Moving to a cheaper home or neighborhood due to having credit card debt (10% of total score)
• Stopping traveling entirely due to having credit card debt (8% of total score)
• Traveling less frequently or luxuriously due to having credit card debt (6.5% of total score)
• Cutting back on eating out or ordering in due to having credit card debt (6.5% of total score)
• Postponing major expenses due to having credit card debt (6.5% of total score)
• Reducing socializing with friends and family due to having credit card debt (6.5% of total score)

For more information, check out the full study here.