According to a new report by WalletHub, residents of certain states are much better at paying their debt than others.
Indiana seems to pay off its credit card debt faster than any other U.S. state, taking a little less than 10 months to pay off a median credit card debt of $2,313 with a mere $167 in interest charges.
Coming in last place, however, is Alaska, with a whopping $4144 in median credit card debt. Paying that off would take 19 months while also averaging about $575 in finance charges. Runner-ups include District of Columbia (averaging 17 months and 12 days), Vermont (15 months and 14 days) and Washington (15 months and 3 days).
“This level of credit card debt is not sustainable,” said Jill Gonzalez, an analyst at WalletHub.
The study used the median credit card balance and monthly credit card payment of residents in each state based on credit data from TransUnion and the Bureau of Labor Statistics. the required number of months to pay off that balance and the finance charges that would result were then calculated for each individual state.
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