PROVIDENCE – Rhode Island has the No. 29 highest credit card debt burden in the country, according to a report from CreditCards.com last week.
The report looked at the average credit card balance in each state, the median income and calculated the interest incurred if an average person paid 15% of their monthly earnings toward their credit debt.
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The average interest incurred by a Rhode Islander under this scenario would be $957 on $8,369, the state’s average credit card debt. The payoff was expected to take 12 months, paying $804 a month. The study used the national interest rate of 21.1%.
Nationally, the interest paid on average credit card debt of $8,407 would incur $1,005 in interest, given the parameters of the study.
Maine ranked worst in New England at No. 24 in the country with an average interest payment of $892 on $7,508 in credit card debt. Rhode Island ranked second worst in the region.
Vermont ranked No. 35 for highest debt burden at $831 in interest on $7,595 in credit card debt.
Connecticut ranked No. 36 in the country at $975 in interest on $9,219 in credit card debt.
New Hampshire ranked fifth lowest in the country at $815 in interest on $8,364 in debt.
Massachusetts ranked as having the lowest debt burden in the country at $734 in interest on $8,197 in credit card debt.
New Mexico ranked as having the highest credit card burden of any state with $1,339 in interest on $8,356 in credit card debt.
View the full report online.
