WASHINGTON–Americans began 2021 with nearly $900 billion in credit card debt, and now a new analysis shows in which states consumers are most and least in debt.
The WalletHub States with the Highest & Lowest Credit Card Debts report is based upon 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.
The rankings appear below.
Among the key findings, according to WalletHub:
- South Dakota has the lowest median credit-card debt, $1,454, which is two times lower than in Alaska, the state with the highest at $2,839.
- The District of Columbia has the highest median income, $75,089, which is 1.9 times higher than in Mississippi, the state with the lowest at $39,216.
- South Dakota has the shortest payoff timeline, five months, which is three times shorter than in Alaska, the state with the longest at 15 months.