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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowHoosiers, on average, are in a better position to pay off their credit card debt than their fellow Americans, according to a study by WalletHub.
Analysts from the personal finance web site used data from the U.S. Census Bureau, the Federal Reserve and TransUnion to see how each state is faring when it comes to credit card debt.
The report said Indiana residents would be able to pay off their debt in nine months and 29 days—faster than people from any other state. Mississippi was second at 10 months and nine days, followed by Arkansas, Hawaii and South Dakota.
Alaska residents face the longest time period to pay off their debt—19 months and 11 days, followed by residents of Washington, D.C., Vermont, Washington and Colorado.
Indiana residents have a median credit card balance of $2,313, ranking eighth among states. Iowa had the lowest balance, at $2,091, followed by Wisconsin, Vermont, Kentucky and Mississippi.
Alaska residents had the highest median debt, at $4,144, followed by Washington, D.C., Virginia, Colorado and Washington.
Researchers based their results on criteria including median balance per person, median income per state, and the cost of interest until payoff in each place (at an average 16.91% interest rate). The study excluded store credit cards.
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