credit cards
Arizona Ranks In Top Ten Among States With Most Credit Cards

January 2, 2024

By Corinne Murdock |

The state of Arizona is among the top ten in the nation for having the most credit cards.

According to a new study by WalletHub, Arizonans rank ninth among all states concerning credit card ownership. 

The average Arizonan has an average of five credit cards. The average American has around four open credit cards, per their data.  

There was an average of between one and two credit cards opened by Arizonans in the third quarter of 2023, with the average number of credit cards owned ballooning to between five and six that quarter. 

Compared to last year, that marked a six to seven percent decrease in the average number of new credit cards opened. However, there was an overall increase of nearly seven percent in the number of average credit cards owned by Arizonans in the same time frame. 

Outranking Arizona, in order for most to least, were: Alaska, New Jersey, Nevada, Wyoming, Arkansas, Florida, Georgia, and California.  

The combined high ranking and increase in credit card ownership in the state may be another symptom of the poor health of the economy. 

Last November, Arizona was among the states facing the highest inflation rates in the nation. According to the latest Consumer Price Index data, prices have gone down by less than half a percent over the past month, but up by over three percent compared to one year ago. 

Over the last quarter of 2023, Arizona’s cost of living ranked 36th in affordability. RentCafe data reflects Arizona’s cost of living to be around six percent higher than the national average: 20 percent higher in housing, two percent lower in utilities, two percent higher in food, four percent lower in health care, even in transportation, and one percent higher in goods and services. 

Earlier this month, CBS News reported that Arizonans would have to spend over $13,000 more annually to maintain the same basic cost-of-living standards from last year. That’s over 16 percent higher than the national estimation: over $11,000. 

In September, the National Low Income Housing Coalition reflected in its annual report that the average Arizonan would need to make nearly $30 an hour to afford a two-bedroom rental home. That translates to 86 hours at the $13.85 minimum wage, or 71 hours for a one-bedroom rental home.

Yet, Arizona was ranked among the top 20 in the nation for business.

Coupled with these facts, credit card debt ballooned to a record high of nearly $1.1 trillion in the third quarter of this year, part of a record high of over $17 trillion of overall household debt. Per a previous study by WalletHub over the summer, Arizona ranked 10th for credit card debt.

Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to

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