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Credit Card Debt Is Highest In These Two US States | Digg

the unequal states of america

Credit Card Debt Is Highest In These Two US States

Credit Card Debt Is Highest In These Two US States
Households in poorer states tend to have below-average debt, but it takes them considerably longer to pay it off.
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The average American household has $6,140 of credit card debt, and it takes them around one year and five months to pay it off β€” but depending on where in the country you live, those numbers can look very different.

Using data from Bankrate, Visual Capitalist mapped the average household credit card debt in each US state, and ranked the states where the debt can be paid off fastest and slowest.

Credit card debt is highest in Alaska, where it stands at $7,300, followed by Washington, DC ($7,100) and Maryland ($6,787).

Conversely, households in Wisconsin ($4,940), Iowa ($5,063) and Kentucky ($5,098) carry the lowest average credit card debt in the country.

While wealthier states have higher credit card balances and costs of living, they also have larger incomes, meaning they can pay off their debts relatively quickly.

Poorer state households, on the other hand, have lower-than-average credit card debt, but are slower to pay it off. In Mississippi, for example, credit card balances average at just $5,300 β€” but can take almost two years to clear.

Click image to enlarge

average credit card debt, US states

Via Visual Capitalist.

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