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Joel Katz

Credit Card Balances: New Jersey Top 5 in Debt

Author Joel Katz
Man selecting 20% tip while using hand held credit card scanner at a restaurant

Most of us in New Jersey are in debt in some way or another. Some of our debt comes from a car payment, or maybe a car loan or we financed new windows or a new roof. You can say that most people are in debt because if you own a home, you most likely have a mortgage, and that is technically considered debt.

It’s scary because sometimes it’s totally out of your control. You may be very disciplined with your money and spending, but something happens to cause you to finance something. It could be unexpected medical bills or a major appliance that needs to be replaced, and that puts us in debt.

My wife and I try to avoid owing as little as possible, like many of those in debt in New Jersey. However, as you know, it’s tough to not owe somebody and be completely debt-free.

Credit Cards Putting Us in Debt

If you’re in debt, you’re not alone. Credit card debt is a common financial challenge that many of us face. However, the burden isn’t evenly distributed across the country. In some states, the average credit card debt is particularly high, putting significant strain on household finances.

Researchers from Invezz have taken a deep dive to determine which states have the highest household credit card debt.

New Jersey in Debt

Out of all fifty states, it was learned that New Jersey is in the top five states when it comes to being in debt due to racking up credit cards. New Jersey ranked fourth with an average debt of $4,750. That represents 5.14% of our annual income. The average income in New Jersey is just over $92,000. In other words, for every one thousand dollars we make, more than fifty dollars of it is being sent off to the credit card company.

Washington DC was at the top of the list, followed by Alaska and Hawaii. Then New Jersey at fourth and then Maryland. Connecticut landed sixth, and New York has the tenth-highest credit card debt.

They used data from the Federal Reserve Bank of New York, which keeps a close eye on household debt trends, and examined the average credit card debt for the fourth quarter of last year.

To give more context, they also factored in the adjusted average household annual income from the previous year using data from the Federal Reserve Bank of St. Louis. This gives us an accurate idea of how a large portion of people’s income is being spent paying off credit card debt.

Joel Katz is the Morning Show Personality, Assistant Program Director, Podcast Host, Voiceover artist, audio producer, and Digital Content Writer for Magic 98.3. Joel has been working in New Jersey radio since college and started at Magic in 2002 as the Morning Show Host, “I can’t think of another place where I’d fit more perfectly; it’s just a great company with awesome people.” Joel is married to Kathleen, his elementary school sweetheart (they were each other’s first dates at age 9), shares a birthday with his oldest son, Ty, and has twins, Kiera and Liam. Joel runs at least 3.1 miles every day and enjoys playing basketball, doing laundry, saving his turn signal for when he really needs it, kissing dogs through a fence, using coasters, making that cool noise by rubbing his fingers on balloons, and chasing after ping pong balls on a windy cruise ship.

7 Easy Ways to Make Extra Money

Do you ever feel like you’re working hard but don’t have the money to show for it? It’s a common sentiment. Well, the good news is that today, there are some ways to make extra money right now that can really add up. Now, there’s no “easy” solution to making more cash. But, we’ve researched some ways that people are making extra money, and they’re simple.

Before we get into ways to make extra money, let’s start with saving money. NerdWallet.com has some really simple tips for saving cash. A big one is to prepare for grocery shopping. That’s so that you aren’t grabbing a bunch of stuff that you don’t need on a whim. “A little work before you go to the grocery store can go a long way toward helping you save money on groceries,” they state. Prepping also means that you can maximize any coupons that you find for items you’ll be purchasing or knowing about loyalty programs ahead of time. The big one is to not impulse by. I’ve done that so many times, when I but cinnamon rolls or something else that I don’t really want just because it looks good at the time.

Another savings tip from NerdWallet.com is to restrict online shopping. Boy, that’s a good one. It’s so easy to sit there on your phone, saving items that look cool in your online cart. Then, all you have to do is hit “order,” but often, you’re ordering a bunch of stuff that you don’t really need. They suggest that, “Instead of saving your billing information, opt to input your shipping address and credit card number each time you order. You’ll probably make fewer impulse purchases because of the extra work involved.” Good idea. Find more tips on saving money from NerdWallet.com here. Forbes has some good advice, too, in suggesting to do real meal prep. It helps avoid eating out too much, which can really add up.

Now, let’s get into easy ways to make extra money.

  • 1. Sell Items You Don't Need Anymore

    This option has been there since the advent of the garage sale. If you have items sitting around that you don’t want or need anymore, sell them. It’s a quick way to make some cash. You can put them up for sale on eBay, a Facebook group or elsewhere online, or you can go the old-fashioned way and hold a yard sale.

  • 2. Pet or House Sit

    I’ve house sat quite a bit, and I personally love it. It’s very peaceful to watch over someone’s house. Duties-wise, it can involve anything from watering plants to just staying there so that nobody breaks in during a long vacation. Pet sitting is also a great way to make a little extra money. While you’re at it, try being a dog walker, too.

  • 3. Be a Mystery Shopper

    Being a mystery shopper is a real thing. You can shop, either online or in person, and get paid for reviewing your experience. But, watch out for scams. A great way to find legit mystery shopper jobs is by looking on job sites such as Ziprecruiter.com or Indeed.com.

  • 4. Take Surveys Online

    You can make money by simply taking online surveys. It’s not usually a lot of money, but it’s better than nothing, and you can do it during downtime. A few major survey sites include Swagbucks and Survey Junkie. Find more via NerdWallet.com here.

  • 5. Publish an E-book

    Self-publishing has never been so easy. If you are very knowledgeable in an area that people want to know about, why not self-publish an e-book? Using Amazon’s Kindle Direct Publishing, you can sell your books via the Kindle store. Publishing the book is free, and you can earn an upwards of 70% of each sale in royalties. You can even try your hand at a wild novel and see how it does, if you don’t want to write a practical book.

  • 6. Deliver Groceries or Food

    A quick way to make some cash during your off hours is by delivering groceries or food. Services such as Instacart and Shipt use independent contractors to deliver food to clients. Also, services such as Uber Eats and Doordash are often looking for delivery people.

  • 7. Open a New Bank Account or Credit Card

    It might seem odd to open a new credit card to try to make money, but it can help. Many credit cards offer new client deals, so if you spend a certain amount after signing up, you could get some cash back or other bonuses. Also, you could find a cash back card, where you get cash back on everyday purchases, such as gas or groceries. Say you don’t want a new credit card? You could also open a new bank account at a bank where they are giving cash-back offers for starting business with them. Also, to get the most for your money, look for a high-interest savings.

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