CLEVELAND — Ohio ranks 10th among states where credit card delinquency rates are increasing the most, according to a new report by WalletHub.
The report showed Ohio residents were behind on payments on 39.44% more credit cards in Q3 2024 than they were in Q3 2023.
Good Morning Cleveland anchor Mike Brookbank spoke with Chip Lupo, a finance writer at WalletHub, about some of the reasons for the increase in Ohio.
"The economy, it ranks 42nd out of 50 states, low rankings in economic activity and economic health, and 31st for job market strength," said Lupo.
If you are behind on credit card payments, Lupo suggests making at least the minimum monthly payments to keep your accounts current.
"The timeliness of the payments, those are key because when a credit card account is delinquent, that means that you have gone at least one, 30-day billing period without making a payment, and that could negatively affect your credit score for up to seven years," said Lupo.
If you have missed credit card payments for a significant period of time, consider looking at hardship programs, strategic budgeting or consolidating your debt.
