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July 30, 2024 | By: Libby Ehlers
Credit card debt is expected to grow by $120 billion this year for a total debt of nearly $1.3 trillion.
The personal-finance website WalletHub, has released a report on the states where it will take the longest to pay off credit card debt. Missouri ranks 37th overall with a median credit card balance of just over $2500. The expected timeline for consumers to repay that debt is 11 months and 29 days with an interest cost of $294.
To determine the numbers, WalletHub considered data from TransUnion, the Federal Reserve, and the U.S. Census Bureau. Alaska has the biggest credit card debt problem with median debt at nearly $4000. It's expected to take Alaska debt-holders more than 17 months to pay off their entire debt with an extra $635 in interest.
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