Greater Miami residents have an average credit card balance that’s 19% higher than the national average, according to Experian data from the third quarter (Q3) of 2023. Overall, credit card debt has been on the increase, too. In 2022, Greater Miami residents were managing $7,008 in credit card debt on average, but that grew 10.9% in 2023; now borrowers are carrying, on average, $7,772 in credit debt—compared to the national average of $6,501.
| Credit Card Debt: Greater Miami vs. National Average | |||
| 2022 | 2023 | Change | |
| Miami | $7,008 | $7,772 | +10.9% |
| National Average | $5,910 | $6,501 | +10% |
| Average Credit Card Balance by City in Greater Miami | ||
| Rank | City | Average Credit Card Balance |
| 1 | Miami Beach | $10,269 |
| 2 | Palm Beach Gardens | $10,144 |
| 3 | Weston | $9,635 |
| 4 | Jupiter | $9,553 |
| 5 | Boca Raton | $9,389 |
| 6 | Plantation | $8,485 |
| 7 | Coral Springs | $8,399 |
| 8 | Davie | $8,143 |
| 9 | Delray Beach | $8,125 |
| 10 | Miramar | $8,122 |
| 11 | Doral | $8,107 |
| 12 | Fort Lauderdale | $8,021 |
| 13 | Pembroke Pines | $7,787 |
| 14 | Miami | $7,511 |
| 15 | Boynton Beach | $7,219 |
| 16 | Homestead | $7,057 |
| 17 | Hollywood | $7,037 |
| 18 | Sunrise | $6,977 |
| 19 | West Palm Beach | $6,909 |
| 20 | Tamarac | $6,708 |
| 21 | Pompano Beach | $6,575 |
| 22 | Miami Gardens | $6,145 |
| 23 | Hialeah | $6,125 |
| 24 | Deerfield Beach | $6,051 |
| 25 | Lauderhill | $5,860 |
The city in Greater Miami that has the most credit card debt is Miami Beach, while Lauderhill carries the least. Debt balances among the top 25 cities vary greatly, with those who live in Miami Beach carrying almost double the average credit card balance ($10,269) as those who live in Lauderhill ($5,860). Almost every city in this ranking—21 out of the top 25—carries more credit card debt on average than the U.S. average.
Growth in credit card balances in the Greater Miami area is roughly keeping pace with national trends, meaning these balances aren’t growing unusually fast compared with the rest of the nation. In Florida and beyond, balances have been affected by still-elevated inflation and rising credit card interest rates. In the next year, however, both are expected to calm, which could result in some financial relief for Miami residents and the nation at large.
To find out more about your debt and keep your eye on your credit reports and scores, consider enrolling in Experian’s free credit monitoring tool so you can regularly log in to check on your progress. You can also get a free copy of your credit reports and scores from Experian.
