Home World States Where People Are Most Likely to Overspend on Black Friday

States Where People Are Most Likely to Overspend on Black Friday

Retailers lure consumers to their stores and websites around Thanksgiving for their annual Black Friday sales. Shoppers might snag some great deals, but their bank accounts may suffer. According to a recent study, many consumers’ eyes are larger than their wallets, and in some states people are more likely to overspend than in others.

In a survey conducted at the end of October, financial technology firm OppLoans found that 51 percent of Black Friday shoppers reported stress from overspending. Thirty percent said they had lost sleep worrying about the money they had spent.

OppLoans also analyzed data from the Federal Reserve Bank of New York to determine the states most at risk for overspending on Black Friday, based on their residents’ credit card delinquency rates during the fourth quarter of 2017.

Nevada has the highest percentage of credit card debt that’s more than 90 days delinquent, meaning its citizens are most likely to run their bank accounts dry the day after Thanksgiving, according to OppLoans.

Here’s a list of the five states most likely to overspend on Friday, based on their credit card debt:

State Credit Card Debt More Than 90 Days Delinquent
Nevada 10.76%
Arizona 9.54%
Florida 9.41%
New Mexico 9.02%
Arkansas 8.66%

Here are the five states least likely to overspend:

State Credit Card Debt More Than 90 Days Delinquent
Wisconsin 4.74%
Nebraska 5.07%
North Dakota 5.1%
Washington 5.43%
Utah 5.55%

The study doesn’t investigate the reasons why these states differ so greatly in their spending habits, but the authors suggest that related factors such as unemployment rate and consumer culture vary by state.

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