Washington State Has Third Highest Unsustainable Credit Card Debt in the Nation | Washington

(The Center Square) – Washington state ranked third in the nation for unsustainable credit card debt, according to a new study by WalletHub.

Only Alaska and the other Washington — the District of Columbia — fared worse than Washington, ranking No. 1 and No. 2, respectively.

To determine its ranking, the personal finance website looked at credit data from TransUnion to calculate the cost and time it takes to pay off median card balances in all 50 states and the District of Columbia.

“As of early 2022, Americans owed more than $1 trillion in credit card debt,” the WalletHub report said. “Sharp increases in debt in 2021 wiped out the progress made from record gains in 2020 made possible by stimulus checks.”

WalletHub analyst Jill Gonzalez spoke about Evergreen State’s questionable bronze medal.

“Washington has the third least durable credit card debt,” she reiterated in an email to The Center Square.

The median credit card debt in Washington is $2,471, according to WalletHub.

“The state has the fifth highest median amount of credit card debt at nearly $2,500 and the fourth highest cost to pay off at $249,” Gonzalez noted. “Additionally, the debt takes nearly 15 months to pay off, which is the second longest period nationally.”

As to why Washingtonians on average have such a high amount of credit card debt, Gonzalez offered an explanation.

“One of the reasons the average credit card debt might be so high is the fact that Washingtonians also have very high income levels,” she said. “Basically, a high income allows for a higher credit limit, which explains the Washington numbers.”

Washington’s Pacific Northwest neighbors fared slightly better in WalletHub’s rankings.

Oregon came in at No. 6 and Idaho at No. 13.

The 10 States and Designated States with the Highest Credit Card Debt:

1.Alaska

2. District of Columbia

3.Washington

4. Vermont

5.Wyoming

6. Oregon

7.Montana

8.New Hampshire

9.Massachusetts

10. Colorado

The 10 states with the lowest credit card debt:

51. Mississippi

50.Arkansas

49. West Virginia

48.Iowa

47. Louisiana

46. ​​Tennessee

45.Kentucky

44. Pennsylvania

43.Ohio

42. Nebraska