The Average New Yorker Has HOW Much Credit Card Debt?
A new study has been released that details the average amount of credit card debt per state.
According to Chamberofcommerce.org, the average American has roughly $1 trillion in credit card debt. Alaska and Virginia have the highest amount of credit card debt of all the U.S. Alaska has the most with $10,685 in credit card debt. The average Virginia resident has roughly $9,120 in credit card debt. They will pay over $11,000 in interest by paying the minimum balance.
Within New York State, the average person has a credit card balance of $8,510. The median income in New York is $69,894. According to Chamberofcommerce.org, it would take 12 months to pay off the balance with 15% of your income going towards the balance. If you only paid off 2% of the debt each month, the monthly payment would be $170 and would take 112 months to pay off. You would pay a total amount of $10,552 in interest alone.