WASHINGTON–A new analysis updates the states in which Americans are carrying the most and least credit card debt.
WalletHub, noting Americans started off 2020 with more than $1 trillion in credit-card debt and are projected to have a net increase of $80 billion this year, has released its report on the States with the Highest & Lowest Credit Card Debts.
The company said it drew 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.
Key Findings
Among the key findings:
- Iowa has the lowest median credit-card debt, $2,034, which is 1.9 times lower than in Alaska, the state with the highest at $3,897.
- The District of Columbia has the highest median income, $72,278, which is 1.9 times higher than in Mississippi, the state with the lowest at $38,368.
- Mississippi has the shortest payoff timeline, 10 months, which is 1.8 times shorter than in Alaska, the state with the longest at 18 months.