Colorado Credit Card Debt Climbs 6.5% to $7,267 as Living Costs Outpace Wages

2 articles · Updated · The Washington Post · Jun 4

$7,267 was the average Colorado credit card balance in 2025, up 6.5% from a year earlier and above the $6,735 national average, leaving the state ranked 12th highest.
33% of borrowers said everyday costs such as groceries, utilities and childcare drove their debt, while 41% cited emergencies, reflecting a squeeze from wages that have lagged spending growth.
Colorado's cost of living runs 12% above the national average, with Denver housing 22% higher, infant childcare near $21,000 a year and home insurance premiums up 47% in 2025.
Repayment is becoming harder as card rates exceed 21%: the median balance is $3,305, average monthly payments are $266, and even an average payoff would take nearly 14 months and $421 in interest.
The burden is unevenly spread, with Gen X averaging $9,600 in balances, millennials at $6,961 and lower-income households, women, Black and Hispanic residents more likely to carry costly revolving debt.

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The Washington Post14h ago

Colorado Credit Card Debt Rises 6.5% to $7,267 Amidst High Living Costs

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Colorado’s Credit Card Debt Crisis: Causes, Consequences, and the Path Forward in 2026

Overview

Colorado is facing growing pressure from credit card debt, reflecting a national trend of rising consumer debt and financial strain. Since 2025, credit card delinquency and charge-off rates in the U.S. have climbed to their highest levels since the 2008 financial crisis, driven by increasing overdue payments and record-high overall credit card balances. This situation is squeezing Colorado households, as many residents rely on credit to cover everyday expenses amid rising costs. The report highlights how these national patterns directly impact Coloradans, emphasizing the urgent need to understand and address the state’s unique financial challenges.

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