UNDATED – With Americans projected to increase their collective credit card debt by $120 billion this year, and the grand total at nearly $1.3 trillion, the personal-finance website WalletHub today released its report on the States Where It Will Take the Longest to Pay Off Credit Card Debt, as well as expert commentary. Alongside this report, WalletHub also released its Financial Insecurity Survey, which examined the connection between people’s financial self-image and their mental health.
To determine the time and cost required to repay the median credit card balance in each of the 50 states and the District of Columbia, we drew upon data from TransUnion, the Federal Reserve, and the U.S. Census Bureau, then used WalletHub’s proprietary credit card payoff calculator.
Credit Card Debt in South Dakota (1st Rank = Longest Payoff Timeline):
- Overall Rank: 48th
- Median Credit-Card Balance ($2,508)
- Median Income ($50,942)
- Cost of Interest Until Payoff (-$271)
- Expected Payoff Timeline (11 months and 8 days)
