Here are the top 10 states with the most credit card debt
July 30, 2019 2:00 PM
Americans owed over $1 trillion in card debt at the start of 2019, and that debt is only projected to increase by the end of the year. A new study from WalletHub has ranked each state according to the credit card debt consumers are racking up.
The study analyzed credit card data from TransUnion to calculate costs and required time to pay off a median card balance per state and Washington, D.C. Here are the states that ranked in the top 10.
The study analyzed credit card data from TransUnion to calculate costs and required time to pay off a median card balance per state and Washington, D.C. Here are the states that ranked in the top 10.
10. New Mexico
New Mexico came in at No. 10 with a median credit card debt of $2,613 which would take 14 months and seven days for consumers to pay off.
9. Montana
Median card debt in Montana totaled $2,579 and would take about 14 months and 17 days to pay off.
8. Virginia
Virginia's median card debt came in at $3,081 and took 14 months and 26 days to pay off.
7. Wyoming
Median card debt in Wyoming was $2,712, which would take 14 months and 29 days to pay off. Wyoming residents also rack up $290 in costs tied to this debt.
6. Oregon
Oregon's median card debt was $2,641 and like Wyoming, would take 14 months and 29 days for consumers to pay off. But costs tied to this debt was cheaper for Oregonians at $282.
5. Colorado
Colorado's median credit card debt was $2,985 and would take 15 months and three days to pay off.
4. Washington
At $2,880, Washington's median card debt may be higher than the third ranked Vermont, but this state comes in at No. 4 because consumers need less time to pay off their debt at 15 months and three days.
3. Vermont
In third place is Vermont with a median credit card debt of $2,227, which would take 15 months and 14 days to pay off.
2. District of Columbia
Washington, D.C., takes the No. 2 spot with $3,242 worth of median credit card debt. That would take consumers 17 months and 12 days to eradicate this debt.
1. Alaska
Alaska holds the highest median credit-card debt compared to any other state. It would take a consumer 19 months and 11 days to pay off Alaska's median $4,144 worth of debt.
