Why does Beverly Hills have such high credit card debt?!

We often teach that having lots of money doesn’t make you immune from credit card debt or solve money problems.

Now we have a glaring example of how true this is.

While the average amount of credit card debt is $8,000 (yikes!), Beverly Hills residents have the highest average credit card debt – a whopping $13,583, according to CardHub. CardHub’s report looked at all cities in the United States.

Other LA-area cities whose residents have higher than average credit card debts are celeb-filled Calabasas and Manhattan Beach. Their debt averages $10,000 per cardholder.

My explanation for these figures is simple — even high income earners have financial difficulties unless they learn how to effectively manage their money. And of course there’s that “whole keeping up with Jones'” thing going on too, which obviously doesn’t help. Let’s not do either of those.