SALT LAKE CITY (ABC4 News) – Racking up credit-card debt is something that is inevitable when it comes to Americans spending money, but the actual debt total is pretty extreme.
According to Wallethub, 2019 started with Americans owing over $1 trillion in credit card debt. That number projected to increase by another $70 billion by year’s end.
Luckily, not everyone shares this problem. Residents in some states are better off than others in regards to overspending.
Personal-finance website Wallethub released its report on states with the highest & lowest credit card debts.
The data as drawn from TransUnion, the Federal Reserve, the U.S Census Bureau and WalletHub’s 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.
Cost of interest on the payoff is $246.
Utah ranked 16th overall among the 50 states based on the median income of $45, 291 with a median credit card debt of $2,508.
Expected payoff time frame 13 months and 20 days.
Of the 50 states, Alaska ranked the highest in median credit card debt, and the lowest being Iowa.
See more on the study and findings here.