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Norfolk listed in top 10 cities with highest credit card usage among young adults

Posted at 10:17 PM, Apr 29, 2016
and last updated 2016-05-01 12:13:14-04

NORFOLK, Va. – Norfolk is one of the top cities in the U.S. for high credit card utilization among young adults, according to a survey from Credit Karma.

The survey took data from more than 50 million Credit Karma members. The company looked at the average credit card utilization rates for members between the ages of 18 and 24 who were carrying a balance on their credit cards–out of 100 of the largest cities in the U.S., Norfolk came in at number four.

The top 10 were as follows:

  1. Detroit, MI: 68.3%
  2. Memphis, TN: 63.3%
  3. Newark, NJ: 62.3%
  4. Norfolk, VA: 62.2%
  5. Cleveland, OH: 60.1%
  6. New Orleans, LA: 60.1%
  7. Milwaukee, WI: 59.2%
  8. Philadelphia, PA: 58.5%
  9. Baltimore, MD: 58%
  10. Jacksonville, FL: 57.8%

Credit Karma says young consumers are overspending on their credit cards on a regular basis.

According to Credit Karma, over half of the survey respondents reported that before their 30s, they racked up so much credit card debt they were unable to pay it off in a year.  Out of those surveyed, 69% said they didn’t really understand what credit scores were when they first received their card.