PROVIDENCE – Rhode Island has the 29th-highest credit card debt in the nation, according to a WalletHub study published Tuesday.
The personal finance website with a focus on reviews for financial advisers analyzed the median credit card balances and credit card payments of residents in each of 50 states and the District of Columbia as of April 2023, based on TransUnion data. The study included credit cards that carried a balance and excluded store cards.
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Researchers used the median credit card balance and monthly credit card payment of residents in each state and determined the required number of months to pay off that balance and the resulting finance charges with an average 20.92% interest rate. The study ranks states in terms of timeline to pay off the debt, not by the state’s median credit card debt amount. The state with the longest timeline to pay off the debt was No. 1 on the list.
Data showed the average Rhode Islander carried a median credit card debt of $2,688 and would take 13 months to pay off, including an extra $310 in interest and charges.
Alaska had the highest credit card debt, according to the study. The average Alaskan carries a median credit card debt of $3,517. It would take 17 months and 14 days to pay off the balance, which would cost an extra $540 with interest and fees.
The District of Columbia was second with a median credit card debt of $3.290, followed by Colorado with $3,106, New Hampshire with $2,793 and Vermont with $2,515.
Massachusetts was ranked 13th, according to the study. The average Bay State resident carries a median credit card debt of $2,757 that would need 13 months and 18 days to pay off, including an extra $330 in interest and fees.
Connecticut was ranked 14th. The average resident there carries a median credit card debt of $2,979 that would take 13 months and 16 days to pay off, including an extra $355 in interest and fees.
West Virginia had the lowest credit card debt. The average resident in that state carries a median credit card debt of $2,131 that would take 11 months and three days to pay off, including an extra $211 for interest and fees.
