WASHINGTON–A new analysis has identified the cities where cardholders have the “most sustainable” and “least sustainable” amounts of credit card debt.
WalletHub said it used data from TransUnion, the Federal Reserve and the U.S. Census Bureau, along with its own proprietary credit card payoff calculator, to determine the number of months required to pay off the average credit card balances and associated finance costs in 2,537 U.S. cities. The result is 2017's Cities with the Highest & Lowest Credit Card Debts.
According to WalletHub, the cities with the least sustainable credit card debts are led by West Chester, Penn.; Ruston, La., and Stillwater, Okla. The cities with the most sustainable credit card debts include Cupertino, Calif.; Saratoga, Calif., and Sunnyvale, Calif.
For the full list, see chart.
Among the findings, according to WalletHub:
- San Luis, Ariz., is the city with the lowest average credit-card debt, $2,880, which is 4.8 times lower than in Darien, Conn., the city with the highest at $13,817.
- Scarsdale, N.Y., has the highest median income, $104,234, which is 8.8 times higher than in Carbondale, Ill., the city with the lowest at $11,913.
- Cupertino, Calif., is the city with the shortest payoff timeline, 10 months, which is 19.2 times shorter than in West Chester, Penn., the city with the longest at 192 months.
For more info, go here.