Wallethub Credit Card Debt Survey: NYS Has 5th Lowest Credit Card Debt

Pixabay Stock Image.

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.

 



Make it easy to keep up to date with more stories like this. Download the WNY News Now mobile app on the Apple App Store and Google Play Store.

 

Have a news tip? Email newsdesk@WNYNewsNow.com, send us a message on Facebook, or Twitter.

WNY News Now encourages an open exchange of opinions and ideas on our stories, however, we ask everyone to follow our comment policy.

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.