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Data: CreditCards.com; Cartogram: Andrew Witherspoon/Axios

A report released this week by CreditCards.com revealed that an American household would need about 13 months to pay off the average credit card debt of $8,195.

One key finding: After New Mexico, the 10 states with the highest credit card debt burdens due to low income are all in the South: Louisiana, West Virginia, Alabama, Arkansas, Mississippi, Georgia, Oklahoma, Florida, South Carolina and Tennessee.

  • Residents in the these states, including New Mexico, would take 15–17 months to pay off their balances. Although Alaska residents owe the most, they're more likely to pay off their balances faster than those in New Mexico because their household incomes are higher.

Methodology: The analysis used average credit card balances for each state, and estimated using 15% of median household income each month for repayment.

Go deeper

2 mins ago - World

Europe faces "stronger and deadlier" coronavirus wave

Paris under curfew. Photo: Kiran Ridley/Getty Images

The coronavirus is still winning: Now even Germany is entering another national lockdown, joined by France.

Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.

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