By Elizabeth Troutman |
Residents of Tempe, Arizona, own the sixth most credit cards of any city in the nation, according to personal-finance website WalletHub.
The city with the largest number of credit card owners was Port St. Lucie, Florida, followed by Nashua, New Hampshire; Irvine, California; Garden Grove, California; and Cape Coral, Florida, WalletHub’s Wednesday survey showed.
“Port St. Lucie, FL ranks first because residents own a lot of cards and are adding new accounts quickly,” WalletHub editor John Kiernan said. “Port St. Lucie residents opened more credit cards than people in any other city during Q4 2023, at 1.45 cards on average. People in Port St. Lucie own an average of 6.39 credit cards, which is more than the average in all but three other cities, so it’s especially important for residents to ensure they make all their monthly payments on time and avoid overspending.”
Wallethub conducted the survey to determine which areas might be financially vulnerable this year, as credit card debt continues to climb due to inflation and record-high interest rates.
“There isn’t a magic number of credit cards you should have in your wallet. It’s good to own multiple cards if you can manage them well, by paying on time, keeping your credit utilization low and waiting at least six months between applications,” Kiernan said. “However, if you’re opening new cards simply to spend beyond your means, you’ll quickly find many cards hard to manage.”
The report measured the average number of cards owned per person and the average number of new cards opened per person in Q4 2023, as well as the percent change in both from Q4 2022.
Residents of Grand Rapids, Michigan; Honolulu, Hawaii; Wichita, Kansas; Huntington, West Virginia; Portland, Maine; Des Moines, Iowa; South Burlington, Vermont; Lincoln, Nebraska; Pearl City, Hawaii; and Washington, D.C. had the least credit cards.
Tempe is home to Tempe Town Lake, Arizona’s second most popular public attraction, drawing 2.4 million visitors and generating nearly $2 billion in economic impact since its opening.
Technology, restaurants, retail, and hospitality are all rapidly growing in Tempe.
“We have a lot of corporate offices along Rio Salado. So, you’ve got a lot of larger players like Caravana, State Farm, and Open Door,” Colin Diaz, president, and CEO of the Tempe Chamber of Commerce, told Fox 10. “We still have a decent amount of health care. There’s financial tech that’s growing as well, manufacturing is still a pretty good space.”
In 2021, Tempe had a population of 179,000 with a median age of 29.6 and a median household income of $64,080.
Elizabeth Troutman is a reporter for AZ Free News. You can send her news tips using this link.
