WASHINGTON, D.C. (WalletHub) – With Americans starting 2019 off with over $1 trillion in credit-card debt and projected to have a net increase of $70 billion this year, the personal-finance website WalletHub today released its report on States with the Highest & Lowest Credit Card Debts as well as accompanying videos. The site’s researchers drew upon data from TransUnion, the Federal Reserve, the U.S. Census Bureau and WalletHub’s proprietary credit card payoff calculator to determine the cost and time required to repay the median credit card balance in each of the 50 states and the District of Columbia.
Below, you can find a handful of highlights from the report.
Credit Card Debt in South Dakota (1st Rank = Least Sustainable)
- Median Credit-Card Balance ($2,449)
- Median Income ($40,172)
- Cost of Interest Until Payoff ($209)
- Expected Payoff Timeframe (11 months and 25 days)