Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

The U.S. States that Struggle the Most with Credit Card Debt

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.

  1. Florida

Average credit card balance: $5,603

Median earnings: $28,381

Months to pay off: 18

Interest to pay off: $678

  1. Texas

Average credit card balance: $6,009

Median earnings: $31,038

Months to pay off: 18

Interest to pay off: $712

  1. Georgia

Average credit card balance: $5,953

Median earnings: $30,284

Months to pay off: 18

Interest to pay off: $716

  1. New Mexico

Average credit card balance: $5,615

Median earnings: $26,244

Months to pay off: 20

Interest to pay off: $743

  1. 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