LANSING, Mich. (WLNS) — In 2024, Individuals racked up greater than $1.3 trillion in bank card debt, WalletHub says.
WalletHub, a private finance firm, studies that this debt is just not distributed evenly throughout the U.S.
Inflation, monetary stability, and different components contributed to this inconsistent distribution of debt.
WalletHub used credit score knowledge collected by TransUnion to calculate the price and time required to repay the median card balances for every state and the District of Columbia, permitting them to find out which states take the longest to repay bank card debt.
Supply: WalletHub
Michigan residents have a median bank card debt of $2,532, with the price to repay set at -$287. The pay-off interval for the state is 12 months and seven days.
In response to the info set, Michigan ranks twenty fifth within the nation for the size of time it takes to repay bank card debt.
Alaska is the state with the best bank card debt, with the median quantity per particular person reaching $3,683. Residents’ debt is unfold throughout a mean of two.84 bank cards per particular person.
It takes the common particular person in Alaska greater than 16 months to repay their total debt.
Mississippi has the bottom bank card debt, with the median quantity per particular person reaching $2,473, with a mean value to repay set at -$277. It takes residents barely lower than 10 months to off their total debt.
