When it comes to managing debt, the Sun Belt states are struggling more than others: Florida, Georgia, Texas and New Mexico have the heaviest credit card debt burdens in the nation, according to CreditCards.com.
The Southern states struggled more with low incomes than high debts. For example, Florida’s average credit card debt per bank cardholder ranks 18 among 50 states, but its median income ranks 41. It would take a typical Florida cardholder nearly 13 years to pay off the state’s average credit card debt of $5,603 and they would pay more than $3,600 in interest.
Here are the states with the highest amount of credit card debt burdens, ranked by the number of months it would take to pay off the debt if 15 percent of their gross monthly income went towards payments.
- Florida
Average credit card balance: $5,603
Median earnings: $28,381
Months to pay off: 18
Interest to pay off: $678
- Texas
Average credit card balance: $6,009
Median earnings: $31,038
Months to pay off: 18
Interest to pay off: $712
- Georgia
Average credit card balance: $5,953
Median earnings: $30,284
Months to pay off: 18
Interest to pay off: $716
- New Mexico
Average credit card balance: $5,615
Median earnings: $26,244
Months to pay off: 20
Interest to pay off: $743
- Alaska
Average credit card balance: $7,552
Median earnings: $35,552
Months to pay off: 20
Interest to pay off: $992
If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
Related Resources:
http://www.cnbc.com/2016/12/22/the-us-states-that-carry-the-heaviest-card-debt-burdens.html
