WalletHub Study

WalletHub Study

Covid-19 has hit the economy hard, and it's also caused Americans to spend more.

Wallet hub recently did a study on credit card debt across the United States, and estimates it will increase by $80 billion by the end of the year from 1 trillion.

Two of the states where it will take the longest to pay off the debt will be in Alaska and Washington D.C. while it will take the least amount of time in Alabama and Mississippi.

Idaho didn't finish too well on the list as it finished 9th placing it in the top 10.

Specifically in Idaho, the median credit card balance that people owe is over $2000, while the median income is only around $41,000 which makes it more difficult to pay off in conjunction with other bills.

On average it would take Idahoans just shy of 14 months of pay off their balance.

The Pacific Northwest had several states in the top 10.

Jill Gonzalez, Analyst, WalletHub said, "And that goes for every state but some more so than others...a lot of it has to do with their employment numbers, that area was hit hard sooner in terms of Covid-19."

On average it would take Idahoans just shy of 14 months of pay off their balance.

Here is a link to the full study: https://wallethub.com/edu/states-with-the-highest-and-lowest-credit-card-debts/63822/

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(1) comment

Guyfromeasternidaho

Impossible to obtain accurate information on credit cards. My bank would show a balance of 1-2K on my one credit card before the 9th of the month; however, on the 10th it would be zero balance.

I use my card for all purchases, in person, online, and pay it off monthly.

Add my balance to the estimate and it increases it; however, that would be inaccurate.

I also know quite a few other people who do the exact same thing.

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