MIAMI—With Americans projected to increase their collective credit card debt by $120 billion this year, and with the grand total at nearly $1.3 trillion, a new analysis said it has identified the states where consumers face the biggest challenges in paying off those balances.
A new WalletHub report on the States Where It Will Take the Longest to Pay Off Credit Card Debt has found consumers in Alaska will take the longest to pay off their debt, while those in West Virginia should pay off their obligations the fastest.
To determine the time and cost required to repay the median credit card balance in each of the 50 states and the District of Columbia, WalletHub said it drew on data from TransUnion, the Federal Reserve, and the U.S. Census Bureau, and then used WalletHub’s credit card payoff calculator to arrive at its conclusions.
Financial Insecurity Survey
Separately, WalletHub has also released its Financial Insecurity Survey, which examined the connection between people's financial self-image and their mental health.
The key findings include, according to WalletHub:
- Widespread insecurity. 64% of Americans feel insecure about their finances.
- Worth defined by wealth. 41% of Americans believe their financial status defines their self-worth.
- Thirst for riches. Nearly two in five people say being rich is a top priority for them.
- Retail therapy. 74% of Americans say they spend money to improve their mood.
- Keeping up appearances. one in 10 people think that appearing financially successful to others is more important than actually having money in their bank account.
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Money and mental health. More than one in four people say their financial situation significantly impacts their mental well-being.