Get the latest market trends in your inbox
Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul
Tampa-St. Petersburg news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg
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.