With Americans starting 2020 off over $1 trillion in credit-card debt and projected to have a net increase of $80 billion this year due in part to COVID-19, the personal-finance website WalletHub today released its report on the States with the Highest & Lowest Credit Card Debts, as well as accompanying videos. 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 Florida (1st Rank = Least Sustainable):
- Median Credit-Card Balance ($2,654)
- Median Income ($40,794)
- Cost of Interest Until Payoff ($225)
- Expected Payoff Timeframe (12 months and 16 days)