Dec 4, 2019
The states having the most trouble with credit card debt
Americans living in Southern states will have the hardest time getting out of credit card debt, according to a CreditCards.com report that compares credit card debts and household incomes.
The state of play: Nine of the 10 highest credit card debt burdens are in the South, though New Mexico holds the top spot.
Breakdown: A typical consumer from New Mexico carries $8,356 in credit card debt (23rd highest in the U.S.) but earns a median income of $47,169, which is the fourth lowest in the nation.
- If the average New Mexican cardholder sticks to a recommended strategy of paying off debt with 15% of earnings, it would take 17 months to pay off their debt, and they will end up paying $1,339 in interest.