Wyoming Credit Card Debt Ranks 5th Worst Nationally
With inflation up and gas prices barely recovering from historically high levels, it's not surprising that Wyomingites are pulling out their credit cards more these days. Unfortunately, the problem is a national one, with Americans collectively having over $1 Trillion in credit card debt! And while increased credit card usage across the nation is not surprising, what is surprising is that Wyoming residents have some of the worst amounts of credit card debt in the United States.
A new study by WalletHub found that Wyoming residents have, on average, over $2,000 of credit card debt each. The Cowboy State's average credit card debt puts Wyoming at 5th worst in the nation.
Credit Card Debt in Wyoming
As anyone with a credit card can tell you, credit card debt royally sucks, primarily because of the interest. Wyoming credit card holders with an average credit-card balance of $2,324 will pay out an additional $229 in interest. Long story short, Wyoming's average credit card bill takes over 14 months to pay off. Ouch.
Comparing Credit Card Debt in Wyoming's Neighboring States
Wyoming ranks 5th in credit card debt, but where do our neighbors lie?
- Colorado - 10th, with an average debt of $2,646.
- Idaho - 13th, with an average debt of $2,104.
- Montana - 7th, with an average debt of $2,227.
- Nebraska - 41st, with an average debt of $2,029.
- South Dakota - 14th, with an average debt of $2,048.
- Utah - 18th, with an average debt of $2,225.
WalletHub's survey considered the median income of Wyoming residents when determining the pay-off length. The median income for Cowboy State runs at around $50,154.
The survey noted that it did not include store credit cards and utilized an average interest rate of 16.17% to calculate their date.
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