Dec 4, 2019

The states having the most trouble with credit card debt

Dion Rabouin, author of Markets
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Reproduced from CreditCards.com; Table: Axios Visuals

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.

Go deeper: Americans are getting smarter about credit cards

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