Credit card debt in New York State during COVID-19

ABC50 NOW

WATERTOWN, N.Y. (WWTI) — At the beginning of 2020, Americans owed over $1 trillion in credit-card debt according to a recent study by WalletHub.

Due to the COVID-19 pandemic, WalletHub projected that consumers will charge more to their cards than usual and net credit card debt will increase by $80 billion in 2020.

Their recent study determined the least and most sustainable credit-card debts for all 50 states and the District of Columbia.

New York State ranked 36th in the nation, with 1st being the least sustainable.

More detailed findings included:

  • $2,598 median credit-card balance
  • $53,364 median income
  • $214 cost of interest until payoff
  • 12 months and 5 days expected payoff time frame

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