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9 States With the Most Credit Card Debt – Money Talks News

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For millions of Americans, credit card debt is a fact of life. Although many of us made good progress in paying down debts during the early part of the pandemic, we have returned to spending with a v…….

Pintau Studio / Shutterstock.com

For millions of Americans, credit card debt is a fact of life. Although many of us made good progress in paying down debts during the early part of the pandemic, we have returned to spending with a vengeance.

In fact, Americans now owe more than $1 trillion in credit card debt, according to WalletHub. The website recently crunched the numbers from credit-reporting company TransUnion to reveal the states where residents have racked up the most and least credit card debt.

To determine which states have the “least and most sustainable credit-card debts,” WalletHub considered a state’s median debt, the cost to pay off that debt and the length of time it would take to become debt-free. It assumed the debt had a 16.7% APR and used the state’s median monthly credit card payment to calculate the pay-off cost and repayment period.

Following is the list of states where credit card borrowers are most likely to have difficulty getting out of the red.

1. Alaska

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Median credit card debt: $3,206
Cost to pay off: $392
Length of time to pay off: 17 months and 27 days

The Last Frontier finishes first among states where credit card borrowers are most deeply in hock.

If you are struggling to pay your credit card bills, stop by the Money Talks News Solutions Center and find expert help with credit card debt.

2. District of Columbia

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Median credit card debt: $2,788
Cost to pay off: $328
Length of time to pay off: 17 months and 3 days

The nation’s capital is notorious as the place where America’s deep debts are created. The citizens of the District of Columbia appear to be following their government’s lead when it comes to running up the tab.

Need a little inspiration to tackle your debts? Read “How I Slashed $25,000 in Credit Card Debt to Zero.”

3. Washington state

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Median credit card debt: $2,471
Cost to pay off: $249
Length of time to pay off: 14 months and 21 days

The other Washington — the state in the Pacific Northwest — also is no slouch at running up debt on plastic.

Money Talks News founder Stacy Johnson offers some great tips for getting back into the black and staying there in his podcast “How to Destroy Your Debt and 3 Things to Do Next.”

The rest of the top 10

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Other states that …….

Source: https://www.moneytalksnews.com/slideshows/9-states-with-the-most-credit-card-debt/

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