Daytona Beach, FL - It looks like Daytona Beach ranks with other cities around the United States with climbing credit card debt.
And Orange City joins other locales in one of the bottom percentiles.
Per WalletHub, Americans started 2019 with about $1 trillion of credit card debt. The forecast appeared pretty bright – which can be attributed to people repaying $38.2 billion in credit card debt in Q1 2019 – but, poor results in Q2 nearly erased off of that effort as consumers added $35.5 billion in new credit card debt (which makes it one of the largest second-quarter buildups ever).
The trend up continued in Q3 and Q4 as consumers added an additional $21.5 billion and $57.9 billion, respectively. As a result, there was a $76.7 billion net increase in consumer credit card debt for 2019 overall.
Now analysts are predicting an $85 billion net increase in credit card debt during 2020.
To find their data, WalletHub analyzed the latest data available from TransUnion and the Federal Reserve. What they found was that some cities in the Volusia and Flagler area are paying off debt, well others continue to accumulate more.
From the top, Ormond Beach seems to be pretty well off, sitting in the 88th percentile – 99th percentile meaning the biggest paydown while 1st percentile means the largest increase – with average household credit card debt hovering around $12,378 – which is down about $825. The overall credit card debt for the city in 2019 was about $222 million, which is $14 million down from 2018's debt.
Palm Coast came second in the area in the 67th percentile with average household debt close to $13,000 and total debt around $395,465,009 which is down by about $6 million. New Smyrna Beach followed close behind in 64th with household debt at $12,062, which is down $141, and total debt around $147,675,270.
For a full rundown of other cities, be sure to check out WalletHub's full report.
When looking at Daytona's figures, the numbers tell a different story. According to WalletHub, Daytona's household debt sits around $9,888. That's less than the debt seen in Ormond, Palm Coast and New Smyrna, but, it does reflect an increase in debt of about $890. Total city debt sits at $284,949,639, which marks an increase of $25,643,700 over 2018's numbers, putting Daytona Beach down in the 17th percentile.
Below Daytona is Orange City, which sits the lowest out of all Volusia/Flagler area cities in the 2nd percentile. Average househould debt is just over $10,000, which is just a shade higher than Daytona and $3,000 less than Palm Coast's. But, Orange City's household debt saw a pretty high increase of about $2,000. The city's credit card debt sits at $51,352,963, which is $10,052,799 over 2018.