Ohio has seen a significant rise in credit card delinquency, ranking 10th in the nation for the largest increase from the third quarter of 2023 to the third quarter of 2024.
According to a report from WalletHub, Ohio’s delinquency rate increased by 39.44%, highlighting a concerning trend of residents falling behind on credit card payments.
This rise in delinquency is part of a broader national pattern, as all states saw an uptick in credit card delinquencies during the same period.
The state with the sharpest increase was Wyoming, with a 54% increase, followed by Rhode Island, Alaska, Nebraska, and Hawaii. However, Ohio’s increase places it among those with the highest jumps, signaling potential economic struggles in the state.
Credit card delinquency has serious financial consequences, as late payments can damage credit scores and stay on a person’s credit report for up to seven years.
This spike in delinquencies could reflect broader financial stress, affecting both individual creditworthiness and possibly the overall economic stability of the state.
Despite the increase, 30 states still had a higher rate of delinquent credit cards than Ohio. The states with the highest delinquency rates overall included Mississippi, Louisiana, and Alabama.