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 and lowest credit card debts.
They claim to have drawn 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.
Alaska is ranked as the worst in the nation, or the best at being least-sustainable. The median credit card balance is almost $4,000 with a median income of around $55,000. The expected time-frame until payoff is 17 months and 28 days.
By comparison, the expected time-frame until payoff in Alabama and Mississippi is right around ten months and two weeks, with median credit card debts under $2,500.
