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 recently released its report on the States with the Highest and Lowest Credit Card debts. WalletHub used 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 New Hampshire (1st Rank = Least Sustainable):
- Median Credit-Card Balance ($2,634)
- Median Income ($53,114)
- Cost of Interest Until Payoff ($237)
- Expected Payoff Timeframe (13 months and 10 days)
To see the full report go to https://wallethub.com/edu/states-with-the-highest-and-lowest-credit-card-debts/63822/