Americans’ credit spending was greater than ever in 2018, with debt reaching record levels. Overall consumer debt reached $13.3 trillion in the last quarter last year, according to Experian, the consumer and business credit reporting company.
An analysis of that massive indebtedness shows that mortgage debt reached $9.4 trillion; student-loan debt, $1.37 trillion; auto loan balances were $1.27 trillion; and personal loan debt, $291 billion.
Credit card debt reached an all-time high of $834 billion. Experian says that New Jersey had the second-highest average credit-card balance of all states in 2018 at $7,511. And now for the good news: New Jersey is one of only six states that saw a year-over-year decrease in average total debt