Montana in the Top Ten for States With Highest Credit-Card Debt
The numbers are pretty crazy! Americans have over $1 trillion in credit-card debt. That number is expected to grow by $70 billion this year!
WalletHub just did a report on States with the Highest & Lowest Credit Card Debt - and Montana lands inside the top ten. Usually we celebrate when were ranked high in a study......but not so much with this one.
I'm not sure why - but the whole northwest portion of the map ranked pretty high on the list. Washington - #4 l Oregon - #6 l Wyoming - #7 l Montana - #9 l Idaho - #13
See the complete list of rankings and some additional breakdowns HERE!
The information below is straight from the WaletHub findings.
The site’s researchers drew upon data from TransUnion, the Federal Reserve, the U.S. Census Bureau and WalletHub’s 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.
Below, you can find a handful of highlights from the report.
Credit Card Debt in Montana (1st Rank = Least Sustainable)
- Median Credit-Card Balance ($2,579)
- Median Income ($40,674)
- Cost of Interest Until Payoff ($269)
- Expected Payoff Timeframe (14 months and 17 days)