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.