Arizona climbing the ranks of states with highest credit card debt
Jul 30, 2023, 12:00 PM
(AP Photo/Jenny Kane, File)
PHOENIX — Arizonans are relying on their credit cards more often, according to a study by WalletHub.
The study determined that Arizona ranks No. 10 out of 50 states and the District of Columbia of places with the highest credit card debt, a nine-state jump from when they ranked No. 19 in the same study in 2019.
Weighing Arizona down is the average expected months and days until payoff where the state comes in with the sixth-longest period of time.
In terms of median debt and average cost to payoff, Arizona is not as bad ranking No. 16 with a $2,778 median debt and No. 12 with a -$336 average cost per month.
Those numbers pale in comparison to Alaska, District of Columbia and Colorado. All three of those states average median debt of more than $3,000, average cost per month of -$400 or more and more than 15 months expected until payoff.
They are the only three states that eclipse those numbers in each category.
On the other end of the spectrum, West Virginia came in with the lowest credit card debt with an average median debt of $2,131 and cost to payoff at -$211.
Seven states (West Virginia, Mississippi, Kentucky, Pennsylvania, Iowa, Ohio and Arkansas) were found to average less than one year until payoff.