Credit cards have become a necessary evil in a world that revolves around credit scores and rating agencies, but credit card debt is plaguing the nation.
More than $1 trillion in credit card debt was owed when we kicked off 2019 and while just over $38 billion was paid back in the first three months of the year, another $70 billion is expected to be added to the rolls by the year’s end. Those numbers come from the personal finance website WalletHub, which also recently analyzed the states with the most credit card debt – through the lens of sustainability.
Using data from TransUnion, WalletHub considered how much and how long it would take to pay off the median card balances in all 50 states and D.C. We take a look in this week’s Map Monday.
When considering the highest median credit card debt and how it would be paid, WalletHub found the following:
|Rank*||State||Median Credit-Card Debt||Cost to Pay off||Months & Days Until Payoff|
|1||Alaska||$4,144||$575||19 months and 11 days|
|2||District of Columbia||$3,242||$404||17 months and 12 days|
|3||Vermont||$2,227||$247||15 months and 14 days|
|4||Washington||$2,880||$313||15 months and 3 days|
|5||Colorado||$2,985||$324||15 months and 3 days|
The five states with the lowest median credit card debt limit included:
Scroll over each state to show the respective state ranking. Story continues below.
The Peach state ranks No. 15 in the nation.
You can read more of the study here.