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25 of the worst US cities for credit card debt

Published by Business Insider on Thu, 19 Jan 2017


Americans are in over their heads when it comes to credit card debt.The average indebted credit card holder carries an outstanding balance of $5,849, according to WalletHub. Collectively, Americans owed $927.1 billion on credit cards as of the third quarter of 2016.In arecent study, WalletHub examinedthe relationship between a city's average credit card balance and its median income,ranking them by how long it would take the average person to pay off the debt given those factors.Cities where residents have high credit card balances and low median incomes (well below the national median income of $32,261) naturallyfare the worst.Residents of these cities would likely struggle to meet the minimum payments on their high card balances, incurring hefty interest payments and potential feesand severely prolonging their repayment period.Using WalletHub's data for the 25 worst cities, we determined the debt-to-income ratio for each city and ranked them based on this metric. That is, we ranked them based on the average resident's credit card debt represented as a percentage of the median income.Below, check out 25 of the worst cities for credit card debt.Andy Kiersz contributed to this report.SEE ALSO:This chart will tell you exactly how long it will take to pay off your credit card debtDON'T MISS:Americans haven't had this much credit card debt since the eve of the financial crisis25. Provo, UtahMedian income:$12,032Average credit card balance:$4,084Debt as a percentage of income:33.94%24. Russellville, ArkansasMedian income:$17,054Average credit card balance:$5,791Debt as a percentage of income: 33.96%23. Plattsburgh, New YorkMedian income:$16,349Average credit card balance:$5,620Debt as a percentage of income: 34.38%See the rest of the story at Business Insider
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