List of the States with the Most and Least Credit Card Debt
Credit card debt has skyrocketed throughout 2022.
Because consumers are very comfortable with online payments than cash-on-hand payments.
Data from the Federal Reserve Bank of New York showed a $312 billion increase in total household debt to $16.15 trillion in the second quarter of 2022.
Surprisingly, credit card debt has increased by $46 billion.
According to a study from WalletHub, Alaska and the District of Columbia are at the top of the list.
The residents of these two states averaged over 17 months to pay off their median debts of $3,206 and $2,788, respectively
Collectively if we see, New York is the most credit card debt at just under $50 billion total.
West Virginia, Arkansas, and Mississippi stand at the bottom of the list.
And Mississippi has the lowest average credit card debt ($1,806) and is the only state with a payoff timeline of under 10 months (9 months, 18 days).