New York ranked state with 5th lowest credit card debt


FILE – This Aug. 11, 2019 file photo shows Visa credit cards in New Orleans. U.S. consumers reduced their borrowing for a third straight month in May 2020 as the millions of jobs lost because of the coronavirus pandemic made households less eager to take on new debt. The Federal Reserve reported Wednesday, July 8, 2020 that consumer borrowing declined by $18.3 billion in May, a drop of 5.3%. (AP Photo/Jenny Kane, File)

NEW YORK (WWTI) — Although spending habits can be hard to break, credit card debt in New York is one of the lowest compared to all other states.

A recent survey, conducted by the personal finance website WalletHub, determined the average credit card debt in each state. Specifically, the report detailed the cost and time required to repay the median 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 other states.

Source: WalletHub

WalletHub listed the following regarding metrics in New York State:

  • Median credit-card balance: $1,854
  • Median 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.

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