As inflation continues to ravage wallets and Governor Katie Hobbs’ vetoes of legislation that may have brought relief to families and individuals living on fixed incomes, it will come as no surprise to Arizonans that their state ranks among the top 10 states with the highest credit card debt.
With Americans having increased their collective credit card debt by a record $179.4 billion last year, and the grand total at over $1.1 trillion, the personal-finance website WalletHub released its report on the States with the Highest & Lowest Credit Card Debts. WalletHub drew upon data from TransUnion, the Federal Reserve, the U.S. Census Bureau and its proprietary credit card payoff calculator to determine the cost and time required to repay the median credit card balance in each of the 50 states and the District of Columbia. Credit Card Debt in Arizona (1st Rank = Least Sustainable):
- Median Credit-Card Balance ($2,778)
- Median Income ($49,611)
- Cost of Interest Until Payoff ($336)
- Expected Payoff Timeframe (13 months and 24 days)
States with the Highest & Lowest Credit-Card Debts
| Rank* | State | Median Credit-Card Debt | Cost to Pay off | Months & Days Until Payoff |
|---|---|---|---|---|
| 1 | Alaska | $3,517 | -$540 | 17 months and 14 days |
| 2 | District of Columbia | $3,290 | -$441 | 15 months and 7 days |
| 3 | Colorado | $3,106 | -$414 | 15 months and 4 days |
| 4 | New Hampshire | $2,793 | -$355 | 14 months and 13 days |
| 5 | Vermont | $2,515 | -$319 | 14 months and 12 days |
| 6 | Washington | $2,911 | -$366 | 14 months and 8 days |
| 7 | Oregon | $2,615 | -$327 | 14 months and 5 days |
| 8 | Wyoming | $2,647 | -$322 | 13 months and 26 days |
| 9 | Virginia | $2,867 | -$348 | 13 months and 25 days |
| 10 | Arizona | $2,778 | -$336 | 13 months and 24 days |