Wyoming Ranked In The Top 3 States For The Least Amount of Credit Card Debt
With the current state of the American economy during the COVID-19 pandemic, it's refreshing to see how well Wyoming is doing with credit card debt compared to the rest of the country.
A new study conducted by credit research website, WalletHub, shows the individual rankings of all 50 states (and the District of Columbia), for the highest and lowest credit card debts. Wyoming ranked 49th best overall for having the lowest amount of credit card debt, with the average resident owing roughly around $185.00 monthly over an eleven month time frame. Only Alabama and Mississippi ranked higher than us, landing at 50th and 51st respectively.
WalletHub used 3 key metrics in their methodology for the study which included:
- Median Credit Card Debt
- The Cost To Pay It Off
- Time Until Payoff
Unfortunately for our neighbors in Colorado, they ranked 3rd overall for having the highest credit card debt in the country.
WalletHub also stated that many consumers will be charging even more to their cards this year than usual due to the coronavirus. They also project that net credit card debt will increase by $80 billion in 2020.
That's a very disturbing amount.