Got debt? Georgia residents do — with the state ranking in the top 15 for least sustainable credit card debt, according to a new ranking by finance website WalletHub.
At a median credit card debt of $2,786, Georgia ranks ninth worst by dollar amount — but when the average monthly payment is taken into consideration, the state is the 15th least sustainable. WalletHub analysts estimate the average Georgia resident would need 13 months and 22 days to pay off their current balance.
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“In order to determine the states with the most and least sustainable credit-card debts, we first looked at the median credit-card balances and credit card payments of residents in each of 50 states and the District of Columbia as of September 2018, based on TransUnion data,” WalletHub said in its report.
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The state with the least sustainable credit card debt? Alaska, where WalletHub estimates the average resident would take more than 19 months to pay off their current debt, assuming they did not make any additional charges. In comparison, Indiana’s residents would take 9 months and 29 days to pay off their median $2,313 debt, making it the state with the most sustainable credit card debt.
Read the full report here.