With Americans having started 2021 off with nearly $900 billion in credit-card debt, the personal-finance website WalletHub released its report on the States with the Highest & Lowest Credit Card Debts, as well as accompanying videos and expert commentary. We drew upon data from TransUnion, the Federal Reserve, the U.S. Census Bureau and WalletHub’s proprietary credit card payoff calculator to determine the cost and time required to repay the median credit card balance in each of the 50 states and the District of Columbia.
Below, you can find a handful of highlights from the report.
Credit Card Debt in California (1st Rank = Least Sustainable):
- Median Credit-Card Balance ($2,036)
- Median Income ($52,896)
- Cost of Interest Until Payoff ($158)
- Expected Payoff Timeframe (11 months and 9 days)
To view the full report go to: https://wallethub.com/edu/states-with-the-highest-and-lowest-credit-card-debts/63822