Oregonians’ credit card balances have risen sharply since the pandemic ended, though the rise in borrowing slowed considerably last year.
The average credit card balance was about $6,200 among Oregonians last year, according to credit reporting firm Experian. That ranks 30th among all states and is a little below the average credit card balance nationally, $6,730.
U.S. credit card debt rose rapidly beginning early in 2021 and topped $1.2 trillion last spring, according to Federal Reserve data. In Oregon, Experian’s numbers indicate credit card balances rose 25% between 2021 and 2024. That’s slightly above the national increase.
Credit card debt rose along with rising prices in the post-pandemic era. Debt grew less rapidly as inflation eased but hasn’t fallen meaningfully. Oregonians’ credit card balances increased 3.6% last year, on par with the national rate.
Overall, credit card debt appears correlated to some degree with the cost of living. Credit card borrowing tends to be greatest in expensive states including Alaska, Hawaii and parts of the Northeast.
Credit cards typically charge high interest rates, so high card balances can quickly overwhelm borrowers. The Federal Reserve found that the share of American credit card borrowers severely delinquent on their credit card payments — behind by 90 days or more — has risen sharply since the pandemic and now tops 13%.
Oregonians are less likely to be delinquent on their credit card payments. Fewer than 10% are severely behind, according to the Federal Reserve Bank of Philadelphia, though that’s up from 6.9% in 2021.
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