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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