BALTIMORE, MD—With Americans having increased their collective credit card debt by $52 billion last year, and the grand total at around $1.3 trillion, the personal-finance website WalletHub this week released its report on the States Where It Will Take the Longest to Pay Off Credit Card Debt. Alongside this report, WalletHub also released its Financial Insecurity Survey, which examined the connection between people’s financial self-image and their mental health.
WalletHub drew upon data from TransUnion, the Federal Reserve, the U.S. Census Bureau, and WalletHub’s 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.
Borrowers in Alaska take the longest to pay off their credit card debt – about 16 months, while folks in Washing DC come in second – taking around 15 months to pay off credit card debt. Maryland came in at No. 18 on the list, with an average payoff time of just over 12 months…