ALBANY (WENY) – Although spending habit can be hard to break, credit card debt in New York State is one of the lowest.
A recent survey, conducted by the personal website WalletHub, determined the average credit card debt in each state. Specifically, the report details the cost and time required to repay the average credit card balance in each of the 50 states and the District of Columbia.
The report concluded that South Dakota has the lowest credit card debt and Alaska has the highest. New York was found to have the fifth lowest credit card debt in comparison to the other states.
Average credit-card balance: $1,854
Average income: $54,588
The cost of interest until payoff: $131
Expected payoff timeframe: 10 months and 8 days
For this report, WalletHub drew data from TransUnion, the Federal Reserve, the United State Census Bureau and its proprietary credit card payoff calculator. The full report can be found on the WalletHub website.