IN OTHER NEWS – A WalletHub study recently ranked Georgia 11th among the states with the longest credit card debt payoff timelines.
Release:
With Americans having increased their collective credit card debt by $52 billion last year, and the grand total at around $1.3 trillion, the personal-finance website WalletHub 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.
We 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.
Credit Card Debt in Georgia (1st Rank = Longest Payoff Timeline):
- Overall Rank: 11th
- Median Credit-Card Balance ($3,186)
- Median Income ($55,555)
- Cost of Interest Until Payoff ($378)
- Expected Payoff Timeline (12 months and 29 days)
