With the average credit limit decreasing in 42 of the 50 states year-over-year as of Q2 2024, the personal-finance website WalletHub today released its report on the States Where Credit Limits Decreased the Most, to highlight areas where people might be struggling financially. | Largest Credit Limit Decrease | Smallest Credit Limit Decrease | | 1. Montana | 41. Kansas | | 2. Washington | 42. North Carolina | | 3. Minnesota | 43. West Virginia | | 4. Maryland | 44. Tennessee | | 5. Connecticut | 45. Louisiana | | 6. Alaska | 46. New Hampshire | | 7. Massachusetts | 47. Iowa | | 8. Hawaii | 48. New Mexico | | 9. Oregon | 49. South Dakota | | 10. Wisconsin | 50. Vermont |
For the full report and to see where your state ranks, please visit: https://wallethub.com/edu/states-where-credit-limits-decreased-the-most/131198 “The average credit limit decreased in 42 of the 50 states year-over-year as of Q2 2024, with the decrease ranging anywhere from around 0.3% to over 15%. A variety of factors can result in credit limit reductions, such as big increases in credit card debt, delinquency on that debt, or a decline in credit score or income. Inflation also plays a role, as it forces people to charge more to their credit cards, raising their credit utilization and putting them more at risk for delinquency.”–“Residents of Montana had the largest year-over-year decrease in their credit limits. The average person’s credit limit over the 12-month period ending in June 2024 was around 15% lower when compared to the previous 12-month stretch. In addition to a big overall decrease over the past year, Montanans also had the 15th-largest decrease in the average credit limit on credit cards opened specifically in Q2 2024, compared to in Q2 2023. The average credit limit was over 11% lower.”- Chip Lupo, WalletHub Analyst More From WalletHub | 
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