According to a recent study done by CompareCards.com, New Jersey ranks #1 for the highest credit card balance per capita (all adults) of $4,420. In fact, 7million(or92.50%) of adults have credit cards in New Jersey, and the average credit card balance is $4,366. The study also shows 179,373 (or 2.40%) of card holders are 90+ days delinquent on their account, totaling $2.30 billion statewide. See how New Jersey ranks compared to others with our credit card debt heat map.
One popular option to tackle on that credit card debt is a balance transfer. Many credit cards come with a balance transfer option you can use to consolidating credit card debt, which can allow you to take advantage of a lower interest rate, keep bill collectors off your back or free up money for large purchases.
In fact, a recent survey shows that about 3 in 4 credit cardholders have a fundamental misunderstanding about how introductory 0% balance transfer credit cards work, despite the fact that half of all surveyed cardholders have had a balance transfer card in the past.
Full report: https://www.comparecards.com/blog/credit-cards-with-no-balance-transfer-fee/#credit-card-balances
