WASHINGTON–While Americans across the nation are deep in credit card debt, cardholders in some cities are in the worst shape of all, according to a new analysis.
WalletHub has released its 2020’s Cities with the Least-Sustainable Credit Card Debt in addition to its latest Credit Card Debt Study.
Overall, Americans racked $21.5 billion in credit card debt from June through September, sending outstanding debt to an all-time record level for the third quarter of the year, the company said.
Using data from TransUnion, the Federal Reserve, the U.S. Census Bureau and its own proprietary credit card payoff calculator to determine the cost and time required to repay the median credit card balance in more than 2,500 U.S. cities, WalletHub said the cities with the least sustainable credit card debt include:
|
Jacksonville, N.C. Magnolia, Texas |
| Park City, Utah |
| Lake Placid, Fla. |
| Buford, Ga. |
| Cumming, Ga. |
| Ewa Beach, Hawaii |
| Canton, Ga. |
| Ooltewah, Tenn. |
| Dahlonega, Ga. |
| Green Cove Springs, Fla. |
| Freehold, N.J. |
| Palmer, Alaska |
| Crosby, Texas |
| Livingston, Texas |
| Richmond, Texas |
| Lemoore, Calif. |
| Wasilla, Alaska |
| Willis, TexasHilton Head, N.C. |
Cities With The Most Sustainable Credit Card Debt
| Cupertino, Calif. |
| Sunnyvale, Calif. |
| Mountain View, Calif. |
| Scarsdale, N.Y. |
| Foster City, Calif. |
| Los Altos, Calif. |
| Saratoga, Calif. |
| Fremont, Calif. |
| Santa Clara, Calif. |
| Palo Alto, Calif. |
| Iselin, N.J. |
| Milpitas, Calif. |
| Dublin, Calif. |
| Bronxville, N.Y. |
| Lexington, Mass. |
| Redmond, Wash. |
| Princeton, N.J. |
| Quincy, Mass. |
| Burlington, Mass. |
| Falls Church, Va. |
Key Findings
According to WalletHub, key findings in its analysis include:
- Clarkston, Ga., has the lowest median credit card debt, at $1,003, eight times lower than Darien, Connecticut, which has the highest median credit card debt ($8,051).
- Cupertino, Calif., has the shortest debt payoff timeline, at 12 months and 8 days, 11.3 times shorter than Jacksonville, N.C., whose timeline of 138 months and 17 days is the nation’s longest.
WalletHub is projecting U.S. cardholders will end 2019 with $80 billion more in credit card debt than at the beginning of the year.