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Credit Card Debt Highest in the Last Frontier

In a recent article from Forbes’ Niall McCarthy, a study conducted in February 2018 yields a visual representation of the highest and lowest debt per capita. McCarthy’s analysis acknowledges though states with the highest population density, such as California, possess higher cumulative debt, the states with the highest debt per individual were peculiar. The New York state comptroller’s office found Alaska to possess the highest average credit card balance per capita at $4,270.00, whereas California residents typically approach $3,420.00.

Speculation is rampant as to why the last frontier fosters such a high amount of consumer debt. Saturation of the Alaskan job market compounded by a 60% decrease in the cost of oil in 2010 was cited by the Atlantic. Alaska’s economy and by extension its residents’ quality of life is almost entirely dependent upon the continued well-being of their oil industry. Some theorists speculate the lack of taxation has ultimately caught up with the state in times of disparity. Though since 2010 oil revenue has rebounded sparsely, it has not meaningfully improved the quality of life for Alaskans.

Arnold & Smith Law, PLLC represents clients nationwide, including Alaskans and Californians. To learn how Arnold & Smith can serve you, schedule a free consultation now.

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