With Americans starting 2019 off with over $1 trillion in credit-card debt and projected to have a net increase of $70 billion this year, the personal-finance website WalletHub today released its report on States with the Highest & Lowest Credit Card Debts.
The site’s researchers drew upon data from TransUnion, the Federal Reserve, the U.S. Census Bureau and WalletHub’s proprietary credit card payoff calculator (https://wallethub.com/credit-card-calculator/#payoff) 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 Texas (1st Rank = Least Sustainable)
•Median Credit-Card Balance ($2,860)
•Median Income ($43,394)
•Cost of Interest Until Payoff ($292)
•Expected Payoff Timeframe (14 months and 4 days)