With American consumers projected to exceed $1 trillion in outstanding credit-card debt in 2017 – the highest in U.S. history – the personal-finance website WalletHub has released its report on 2018's Cities with the Highest & Lowest Credit-Card Debts.
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 pay off the median credit-card balances of more than 2,500 U.S. cities.
Cities with Least Sustainable Credit Card Debts:
Lake Placid, NY
Green Grove Springs, FL
Forest Park, Georgia, has the lowest median credit-card debt, $1,188, which is six times lower than in Darien, Connecticut, the city with the highest at $7,105.
Scarsdale, New York, has the highest median income, $185,106, which is ten times higher than in Lake Placid, Florida, the city with the lowest at $19,153.
Cupertino and Sunnyvale, California, have the shortest payoff timeline, 4 months, which is 8.3 times shorter than in Magnolia, Texas, the city with the longest at 33 months.