The personal-finance website WalletHub released two key reports this week, one showing that consumers repaid $40.3 billion in credit card debt during the first quarter of 2018 — $47 million from Santa Clarita alone — in the second-biggest quarterly paydown ever.
The other projects that a Federal Reserve rate hike on Wednesday would cost people with credit card debt an extra $1.6 billion this year — $1.8 million for Santa Clarita residents.
Below, you can find a handful of highlights from WalletHub’s Q2 2018 Fed Rate Hike Report and its 2018 Credit Card Debt Study, which is accompanied by a nationally representative credit card survey.
* The average household in Santa Clarita owes $19,228 in credit card debt, following an $801 Q1 paydown.
* At 3.80 percent for Q1 2018, the charge-off rate is up nearly 6 percent year over year and at the highest point since mid-2012.
* 37 percent of people think travel is worth getting into debt for, behind just housing (47 percent) and health care (61 percent).
* 89 percent of people say their personal finances are run better than the federal government.
* 41 percent of people with credit card debt say they’ll pay it off in less than a year.
The Fed has cost the average homebuyer roughly $42,000, assuming its six recent rate hikes are fully responsible for the rise in the average mortgage APR since January 2015.