1 month ago
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Californians suffer numerous stiff financial burdens, but on a national scale, credit card debt isn’t one of them.
My trusty spreadsheet analyzed debt data from earlier this year for the 50 states, including estimates of personal credit card balances and late-paying card accounts from WalletHub, as well as federal wage data and credit scores. To judge the burden of overuse of the plastic cards powering your wallet, the number of days of work required to pay off common outstanding credit card debts was calculated.
This math says that a typical Californian card balance is equivalent to eight days’ worth of the average wage. That ties Connecticut for the fourth-lowest burden among the states.
Californians’ credit card debt is also below the median 9.9-day burden across 50 states. Only New York (6.3 days), Massachusetts (6.8), and Washington state (7.9) were better.
Where are the steepest card problems? Alaska had the highe...
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