Cities with the Highest and Lowest Credit-Card Debts in 2018
January 18, 2018 / Source: Bank News
January 18 — With American consumers projected to exceed $1 trillion in outstanding credit-card debt in 2017 – the highest in U.S. history – the personal-finance website WalletHub has released its report on 2018’s Cities with the Highest & Lowest Credit-Card Debts.
WalletHub drew upon data from TransUnion, the Federal Reserve, the U.S. Census Bureau and WalletHub’s proprietary credit-card payoff calculator to determine the cost and time required to pay off the median credit-card balances of more than 2,500 U.S. cities.
The following are some highlights from the report:
Cities with the Least Sustainable Credit-Card Debts Cities with the Most Sustainable Credit-Card Debts
Magnolia, TX Sunnyvale, CA
Dahlonega, GA Cupertino, CA
Richmond, TX Scarsdale, NY
Lake Placid, FL Saratoga, CA
Canton, GA Santa Clara, CA
Cumming, GA Palo Alto, CA
Jacksonville, NC Mountain View, CA
Ooltewah, TN Los Altos, CA
Buford, GA Fremont, CA
Green Cove Springs, FL Foster City, CA
Kailua, HI Bronxville, NY
Fairbanks, AK Sun City Center, FL
Leesville, LA Seal Beach, CA
Ringgold, GA San Ramon, CA
Boerne, TX Redmond, WA
Branson, MO Quincy, MA
Brenham, TX Princeton, NJ
Fallon, NV Pleasanton, CA
Humble, TX Monterey Park, CA
Key West, FL Milpitas, CA
Forest Park, Georgia, has the lowest median credit-card debt, $1,188, which is six times lower than in Darien, Connecticut, the city with the highest at $7,105.
Scarsdale, New York, has the highest median income, $185,106, which is ten times higher than in Lake Placid, Florida, the city with the lowest at $19,153.
Cupertino and Sunnyvale, California, have the shortest payoff timeline, 4 months, which is 8.3 times shorter than in Magnolia, Texas, the city with the longest at 33 months.
View the full report to see where your city ranks.