Colorado Ranks in Top 5 of States With Highest Credit Card Debt
While our neighbors to the north, Wyoming, came in the top five states with the lowest credit card debt, the Centennial State has a lot of work to do.
WalletHub.com recently released data on how each of the 50 states and the District of Columbia rank in regards to credit card debt: Their median debt, the interest charged, and how long it would take to pay off the debt.
Data were assembled from TransUnion, the Federal Reserve, the Census Bureau, and WalletHub's 'proprietary credit card payoff calculator.'
Long story short, Colorado is #3 in the nation for credit card debt.
- Median Credit Card Debt: $2,968.
- Cost (interest): $297.
- Months to Pay Off: 14 months, 30 days.
For comparison, Wyoming comes in at #49:
- Median Credit Card Debt: $2,536
- Cost (interest): $185
- Months to Pay Off: 10 months, 22 days.
I come in at #1 in my household for credit card debt; but then, I live alone.
Check out how all the states (and D.C.) did:
Forbes' 2020 Top 5 Wealthiest People in Colorado