Despite increased costs and high interest rates, U.S. households have not been deterred from spending their money. According to the Bureau of Economic Analysis, consumer spending in the U.S. increased by 24.1% from the first quarter of 2021 to the last quarter of 2023, which in turn, led to a notable uptick in credit usage.

Total credit card debt in the U.S. surpassed $1 trillion for the first time in 2022, and throughout that year, card issuers levied over $130 billion in interest and fees. This equates to more than $1,000 in credit card interest and fees per U.S. household. However, variations in consumer credit utilization and their propensity to accrue interest—most commonly by not paying off their bill in full each month—have created disparities among states. Because of this, certain states are experiencing the impact of elevated interest rates more than others.

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