How does your debt stack up next to that of other cardholders throughout the U.S.? A new report from CreditCards.com found debt weighs heaviest on Southern states.
The analysis by CreditCards.com found that New Mexico strains under the heftiest debt load in the country, while Massachusetts carries the lightest. Southern states take most of the top 10 spots for debt load, and only three Southern states, Delaware, Maryland and Virginia, don’t fall in the top half of the rankings.
Credit card debt is an issue no matter which U.S. state you call home. Card debt has been on the rise for the better part of the past decade, and Americans now carry a massive collective balance of $830 billion, according to 2019 data from Experian.
To calculate debt load by state, CreditCards.com looked at the average total credit card balance and the median household income, then crunched the numbers to find out how long it would take a cardholder in that state to get out of debt by putting 15% of their gross monthly income toward repayment. (See methodology.)…Read more>>