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Kansas has 7th highest credit card debt in nation

(KY3)
Published: Aug. 1, 2020 at 5:43 PM CDT
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TOPEKA, Kan. (WIBW) - A recent WalletHub.com study shows that Kansas has the seventh-highest credit card debt in the nation.

WalletHub.com says it conducted a recent study of credit card debt in the united states and Kansas comes in with the seventh-highest amount of credit card debt.

WalletHub says at the beginning of 2020 Americans owed over $1 trillion in credit card debt and projects that COVID-19 will increase this number by another $80 billion.

The personal finance website says it used TransUnion credit data to calculate the cost and time required to pay off the median card balances of each of the 50 states and the District of Columbia.

The study shows that the average credit card debt for Kansans is $2,643 and if residents paid $252 a month it would take 14 months and four days for them to pay it off.

To compare the study found that Alaska had the most credit card debt with each resident owing an average of $3,897 to credit cards. It shows that it would take 17 months and 28 days to pay off credit cards if residents paid $466 per month.

The state in the least amount of debt seems to be Mississippi according to the study, it shows that each resident owes an average of $2,287 and if they paid $163 per month it would take them 10 months and 14 days to pay off their debts.

For more information on the study or to see where other states rank visit WalletHub.com.

Copyright 2020 WIBW. All rights reserved.

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