Maintaining fewer cards is a good way to prevent credit pitfalls. The post-holiday overspending may result in people applying for a credit card to cover the hole they dug for themselves. This is not the most advisable course of action. Debtors can find themselves with cards that multiply like rabbits when using one card to pay off another, then charging on the original again.

How Does Idaho Rank Against Other States for Number of Credit Cards?

Source: WalletHub

Idahoans may have been able to avoid that particular pitfall. The state ranks 4th lowest in number of credit cards when compared to other states.

“Some people are able to effectively manage more credit card accounts than others. Having multiple credit cards in your wallet is actually good for your credit score if you pay on time and in full, keep your credit utilization low and wait at least six months between applications. The problem arises when people open new cards simply to overspend, as many people do during the holiday season. That can lead to unsustainable debt and credit score damage.”

Cassandra Happe, Wallethub Analyst

Of course, if the average 4.6 credit cards owned by Idahoans are all maxed out, that could be a problem. But that doesn’t appear to be a problem here.

Ranking 35th in credit card debt is not a bad place to be. The national average is $6,993. Idaho should feel accomplished with nearly $600 below that. Keep it up. We’re on a good credit track.

It does seem like the old saying holds, though. The more you make, the more you spend. The age bracket with the most credit card debt is also the one in the highest income bracket. Between taking care of their children and taking care of elderly parents, some middle-aged people are in a credit crunch.

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This list is up to date as of January 3, 2024!

Gallery Credit: Michelle Heart

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