Minnesota Ranks 16th Among States With The Highest Credit Card Debts
Americans are starting 2020 off with over $1 trillion in credit-card debt and projected to have a net increase of $80 billion this year due in part to COVID-19.
With that in mind, the WalletHub dove into a study and released a report on the States with the highest and lowest credit card debts.
Here are the highlights from the report regarding Minnesota:
Credit Card Debt in Minnesota (1st Rank = Least Sustainable):
- Median Credit-Card Balance ($2,552)
- Median Income ($51,758)
- Cost of Interest Until Payoff ($227)
- Expected Payoff Timeframe (13 months and 4 days)
North Dakota ranked 12th, South Dakota 14th, Wisconsin ranked 30th and Iowa 44th.
WalletHub drew upon data from TransUnion, the Federal Reserve, the U.S. Census Bureau and their own 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.
According to the report, not all Americans are in the same boat.
"Americans aren’t all in the same boat when it comes to credit-card debt, though. People in some states charge less than others, whether because they are less impacted by the pandemic, are more responsible about their finances or a number of other factors"
You can find out more about the studies and where the rest of the country ranks with WalletHub.