San Diego millennials — ages 18-34 — have the fourth-highest average credit card debt in the United States, according to financial service firm Credit Karma.
Their debt burden of $2,989 was only a little behind No. 3 Virginia Beach, Virginia ($2,994) but well off the pace of No. 2 San Francisco ($3,104).
The most indebted millennials are in the Orange County city of Irvine, in credit-card hock of $3,327, Credit Karma said Tuesday.
Chula Vista was No. 7 at $2,978 while New York City was No. 12 at $2,677 and Los Angeles No. 21 at $2,392, the data found.
Millennials in Irvine have 84 percent more credit card debt on average than all other U.S. Credit Karma millennial members analyzed.
“In total, the millennial members we looked at in U.S. have more than $56 billion in credit card debt — but this is just one component of millennial debt,” Credit Karma said.
“Credit card debt makes up only 6 percent of millennial debt for these U.S. millennial members. Mortgage debt makes up almost half of their debt, and student loan debt makes up 17 percent.”
Credit Karma attributed some of the credit debt to FOMO — fear of missing out.
“A recent Credit Karma/Qualtrics study of 1,045 U.S. millennials revealed that nearly 40 percent of millennials have gone into debt to keep up with their friends,” said a news release.
Millennials from the survey also reported that grabbing drinks with friends or coworkers ranked as one of the most FOMO-inducing situations for them, it said.
“So it was no surprise to find that 18 of the cities with the most credit card debt on average among U.S. millennial members are also found in the top 25 metropolitan areas with the most bars.”
Another Credit Karma survey found that more than half of respondents said they “stress spent” — meaning they’ve impulsively shopped to deal with feelings of stress, anxiety or depression.
Millennials from the survey were more likely than Gen Xers and baby boomers to stress spend, with 68 percent of millennials reporting to have done it.
“We looked at credit card balances from March 2018 of more than 30 million 18- to 34-year-old Credit Karma members located in 99 of the most populated cities in the U.S.,” Credit Karma said.
The Top 25 cities for average millennial credit card debt
1. Irvine, CA $3,327
2. San Francisco, CA $3,104
3. Virginia Beach, VA $2,994
4. San Diego, CA $2,989
5. Hialeah, FL $2,982
6. Fremont, CA $2,981
7. Chula Vista, CA $2,978
8. Scottsdale, AZ $2,901
9. Honolulu, HI $2,821
10. Plano, TX $2,795
11. Miami, FL $2,714
12. New York City, NY $2,677
13. Boston, MA $2,660
14. San Jose, CA $2,636
15. Chesapeake, VA $2,526
16. Seattle, WA $2,488
17. Irving, TX $2,462
18. Gilbert, AZ $2,445
19. Anaheim, CA $2,398
20. Jersey City, NJ $2,397
21. Los Angeles, CA $2,392
22. Washington, D.C. $2,298
23. Chandler, AZ $2,291
24. Santa Ana, CA $2,279
25. Denver, CO $2,273
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