Personal finance website WalletHub today released a report on the States Where It Will Take the Longest to Pay Off Credit Card Debt and South Carolina was named has having the 16th longest timeline in the country.
To determine the time and cost required to repay the median credit card balance in each of the 50 states and the District of Columbia, the website drew upon data from TransUnion, the Federal Reserve, and the U.S. Census Bureau, then used WalletHub’s proprietary credit card payoff calculator.
Credit Card Debt in South Carolina (1st Rank = Longest Payoff Timeline):
- Overall Rank: 16th
- Median Credit-Card Balance ($2,896)
- Median Income ($50,043)
- Cost of Interest Until Payoff (-$361)
- Expected Payoff Timeline (13 months and 3 days)
Click here to see the full report.
