{"id":24770,"date":"2023-06-20T00:32:47","date_gmt":"2023-06-20T04:32:47","guid":{"rendered":"https:\/\/ifintechworld.com\/credit-cards\/states-with-highest-lowest-credit-card-debt-burdens-ranked-in-new-report\/"},"modified":"2023-06-20T00:32:49","modified_gmt":"2023-06-20T04:32:49","slug":"states-with-highest-lowest-credit-card-debt-burdens-ranked-in-new-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24770","title":{"rendered":"States with highest, lowest credit card debt burdens ranked in new report"},"content":{"rendered":"
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A new report by CreditCards.com reveals which states have the highest and lowest credit card debt burdens<\/u> and where consumers may find it easier or more difficult to pay off that debt based on their earnings.<\/p>\n

The report, released Tuesday, found that Mississippi ranked as the state where consumers have the highest average credit card debt burden relative to their income, whereas residents of Massachusetts had the lowest.<\/p>\n

Those findings were based on an analysis by CreditCards.com of average credit card balances, average annual household income, months to pay off credit card balances, and total interest paid by households in various states.<\/p>\n

“In comparing average credit card balances with average household incomes, this study seeks to determine where credit card debt is more and less difficult to pay off,” said CreditCards.com Senior Industry Analyst Ted Rossman. “Mississippi, for example, has the sixth-lowest average credit card balance, which sounds pretty good. But it has the lowest average household income of any state. Comparatively speaking, that makes credit card debt much harder to pay off in the Magnolia State.”<\/p>\n

CREDIT CARD DEBT SET TO HIT $1T AS CHRONIC INFLATION CRUSHES AMERICANS<\/u><\/strong><\/p>\n

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“This contrasts with Washington, D.C., for example, where the average resident has about $1,500 more in credit card debt but an average household income that\u2019s more than $70,000 higher,” Rossman added.<\/p>\n

In terms of the states with the heaviest credit card debt burdens relative to income, Mississippi ranked highest<\/u> with an average balance of $4,972, an average annual household income of $68,048 and a 22-month payoff period.<\/p>\n

FED PAUSE LIKELY WON\u2019T HELP STRUGGLING CONSUMERS<\/u><\/strong><\/p>\n

Two other southern states and two from the mountain west ranked behind Mississippi:<\/p>\n