Americans are in over their heads when it comes to credit card debt.
The average indebted credit card holder carries an outstanding balance of $5,849, according to WalletHub. Collectively, Americans owed $927.1 billion on credit cards as of the third quarter of 2016.
In a recent study, WalletHub examined the relationship between a city’s average credit card balance and its median income, ranking them by how long it would take the average person to pay off the debt given those factors.
Below, check out 25 of the worst cities for credit card debt.
25. Provo, Utah
Median income: $12,032
Average credit card balance: $4,084
Debt as a percentage of income: 33.94%
24. Russellville, Arkansas
Median income: $17,054
Average credit card balance: $5,791
Debt as a percentage of income: 33.96%
23. Plattsburgh, New York
Median income: $16,349
Average credit card balance: $5,620
Debt as a percentage of income: 34.38%
22. Valdosta, Georgia
Median income: $17,852
Average credit card balance: $6,147
Debt as a percentage of income: 34.43%
21. Lakewood, New Jersey
Median income: $18,546
Average credit card balance: $6,500
Debt as a percentage of income: 35.05%
20. Kalamazoo, Michigan
Median income: $14,599
Average credit card balance: $5,151
Debt as a percentage of income: 35.28%
19. Beaver Falls, Pennsylvania
Median income: $15,478
Average credit card balance: $5,572
Debt as a percentage of income: 36%
18. San Marcos, Texas
Median income: $13,689
Average credit card balance: $4,977
Debt as a percentage of income: 36.36%
17. Deming, New Mexico
Median income: $13,873
Average credit card balance: $5,062
Debt as a percentage of income: 36.49%
16. Richmond, Kentucky
Median income: $14,431
Average credit card balance: $5,425
Debt as a percentage of income: 37.59%
15. Ames, Iowa
Median income: $12,184
Average credit card balance: $4,582
Debt as a percentage of income: 37.61%
14. Auburn, Alabama
Median income: $12,184
Average credit card balance: $4,582
Debt as a percentage of income: 37.61%
13. Dahlonega, Georgia
Median income: $14,388
Average credit card balance: $5,476
Debt as a percentage of income: 38.06%
12. Cordele, Georgia
Median income: $16,852
Average credit card balance: $6,450
Debt as a percentage of income: 38.27%
11. Warrensburg, Missouri
Median income: $13,415
Average credit card balance: $5,154
Debt as a percentage of income: 38.42%
10. Laramie, Wyoming
Median income: $16,822
Average credit card balance: $6,499
Debt as a percentage of income: 38.63%
9. Carbondale, Illinois
Median income: $11,913
Average credit card balance: $4,629
Debt as a percentage of income: 38.86%
7. (TIE) Hammond, Louisiana
Median income: $14,865
Average credit card balance: $5,819
Debt as a percentage of income: 39.15%
7. (TIE) Marquette, Michigan
Median income: $13,651
Average credit card balance: $5,345
Debt as a percentage of income: 39.15%
6. Milledgeville, Georgia
Median income: $13,055
Average credit card balance: $5,199
Debt as a percentage of income: 39.82%
5. Monsey, New York
Median income: $18,825
Average credit card balance: $7,569
Debt as a percentage of income: 40.21%
4. Lake Placid, Florida
Median income: $13,830
Average credit card balance: $5,594
Debt as a percentage of income: 40.45%
3. Stillwater, Oklahoma
Median income: $14,378
Average credit card balance: $5,870
Debt as a percentage of income: 40.83%
2. Ruston, Louisiana
Median income: $12,893
Average credit card balance: $5,269
Debt as a percentage of income: 40.87%
1. West Chester, Pennsylvania
Median income: $16,716
Average credit card balance: $6,926
Debt as a percentage of income: 41.43%
Read more at Business Insider.
{Matzav}
What a bunch of hewey. The average citizen has much more debt that’s being reported. What about Brooklyn? I’m currently unemployed and have $40,000 credit card debt.
Why mention #21 and not #5??
it doesn’t mean anything necessarily, i have tens of thousands of dollars in credit card dept, at times it was close to one hundred thousand dollars, i get the debt from the credit cards for 2-5% and use it to earn 10-20% . if people know what they are doing , you can make a lot of money off credit cards, with what is known as healthy debt
Please let me know how you make all this money? I have credit card and out of work so I have time. I mean it, help a yid. I await your post.
use the credit card cash balance transfer to obtain cash anywhere from 0- 5% for 12-24 months and invest wisely or use it to buy high return selling items on eBay and Amazon.
It means that most frum families are in over their heads and that our lifestyle is unsustainable. Something needs to give because the effects of living as we do are catastrophic.
I’ve never studied statistics, but I’m pretty sure that if you factor in that Monsey and Lakewood are not 100% frum Jews, the debt as a percentage of income is actually higher for that sector than these citywide figures show.
Let me add that I don’t think “manufactured spending’s” comment is very helpful for most readers, who are losing a lot of money by not paying off their credit card bills. He writes, “[I]f people know what they are doing…” I think it’s pretty safe to say the vast majority of people are definitely not making money off credit cards, and some are lucky if their credit card debt doesn’t ruin them financially.
I’m sorry about the people who struggle financially. I live a simple life, but BH have everything I need. See my reply above how I use balance transfer offers to help me earn additional income.
Nu, tell us how to get involved with Amazon & Ebay? I’m all ears. I’m also unemployed and because of that I had no choice but to max out my credit cards to pay for everyday expenses for my mishpacha & tuition. Now I’m stuck making minimum payments and %24 percent interest every month.
we need school choice! its killing us! we are paying our own kids tuition + that of our neighbors through taxes!
I think what you need is a school that teaches basic economic skills and a viable trade. Like public school, for example.