Idaho Ranks 9th In Credit Card Debt
Over the weekend I bought the one car that was missing from my collection, I bring this up because it was the third time in 3 weeks I have had a the exact same conversation with a sales manager at a car dealership. The conversations all revolved around how each one of these people in the car business go home every day and watch the news tout doom and gloom and how horrible the economy is. The next day these same people go to work and are so busy selling cars that they cant even take a lunch break. Most car dealerships are selling more cars this year than they sold last year at this same time and apparently Idahoans are also spending more via their credit cards. Congratulations Idaho we just made another top 10 list... According to a Wallet Hub report Idaho ranks 9th in credit card debt.
Credit Card Debt in Idaho (1st Rank = Least Sustainable):
- Median Credit-Card Balance ($2,438)
- Median Income ($41,233)
- Cost of Interest Until Payoff ($227)
- Expected Payoff Time frame (13 months and 28 days)
Checkout the full report here. States with the Highest & Lowest Credit Card Debts, as well as accompanying videos. This is how they arrived at their conclusions. "We 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 repay the median credit card balance in each of the 50 states and the District of Columbia."