A recent survey reveals that revolving debt in Virginia grew by more than $1 billion during the second quarter of 2019 and has now reached a worrying $31 billion. The average Virginia household owes $10,480 to credit card companies, which is a figure that is only surpassed in Alaska and Hawaii. The personal finance website WalletHub based the survey on data provided by TransUnion and the U.S. Federal Reserve.
Many consumers turn to credit cards to cover unexpected expenses like car repairs or medical bills, but a growing number of Americans are becoming reliant on revolving debt to pay their day-to-day living expenses. This worries experts as credit cards tend to charge higher rates of interest and the balances can be extremely difficult to pay off. According to a report released by CreditCards.com, about 39 million Americans are carrying credit card balances that are two or more years old.