WASHINGTON—How long do consumers take to pay down card debt? That depends on where they live.
Analysis by CardHub has found that location plays a central role in how well consumers manage their credit card debts — and how high they rise — depending on factors such as income and financial literacy.
“Drawing on credit data provided by our partner, TransUnion, our analysts calculated the number of months required to pay off the average credit card balances in 2,547 U.S. cities as well as the associated costs of doing so,” CardHub said
Study highlights:
- Beverly Hills, Calif., has the highest average credit-card debt, which is five times greater than in Clarkston, Ga., the city with the lowest.
- Scarsdale, N.Y., has the highest median earnings for workers, which are 10 times greater than in Carbondale, Ill., the city with the lowest.
- College Station, Texas, has the longest payoff timeline, which is 47 times longer than in Cupertino, Calif., the city with the shortest.
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