For millions of Americans, credit card debt is a reality. Although many of us made good progress in paying off our debts at the start of the pandemic, we started spending with a vengeance again.
In fact, Americans now owe over $1 trillion in credit card debt, according to WalletHub. The website recently analyzed numbers from credit-reporting firm TransUnion to reveal the states where residents have racked up the most and least credit card debt.
To determine which states have the “least and longest lasting credit card debt,” WalletHub considered a state’s median debt, the cost of paying off that debt, and the time it would take to clear. debt. He assumed the debt had an APR of 16.7% and used the median monthly state credit card payment to calculate the repayment cost and repayment period.
Here is the list of states where credit card borrowers are most likely to have trouble getting out of the red.
Median credit card debt: $3,206
Cost to be reimbursed: $392
Repayment period : 17 months and 27 days
The Last Frontier finishes first among states where credit card borrowers are deepest in the knuckle.
If you’re struggling to pay your credit card bills, stop by Money Talks News Solutions Center and find help from a credit card debt expert.
2. District of Colombia
Median credit card debt: $2,788
Cost to be reimbursed: $328
Repayment period : 17 months and 3 days
The nation’s capital is known as the place where America’s deep debts are created. Citizens of the District of Columbia seem to be following their government’s lead when it comes to raising the bill.
Need some inspiration to deal with your debts? Read “How I Zerod $25,000 in Credit Card Debt”.
3. Washington State
Median credit card debt: $2,471
Cost to be reimbursed: $249
Repayment period : 14 months and 21 days
The other Washington — the Pacific Northwest state — isn’t shy about going into plastic debt either.
Money Talks News founder Stacy Johnson offers great tips for getting back into the black and staying there in her podcast “How to Destroy Your Debt and 3 Things to Do Next.”
The rest of the top 10
Other states that made this ignominious list include:
- New Hampshire
To pay off the median debt in these states will take residents 13 months or more.
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