Vermont Ranks 3rd for Average Credit Card Debt Posted by AVCU on 4:17 PM

A recent study by WalletHub ranked each state according to the credit card debt consumers are racking up.  At the beginning of 2019 Americans owed a total of over $1 trillion in card debt. That number is only projected to increase by the end of the year. The study analyzed credit card data from TransUnion to calculate costs and required time to pay off a median card balance per state and Washington, D.C.

Vermont ranked 3rd highest average credit card debt among all states. The median credit card debt in the Green Mountain State is $2,227, which would take 15 months and 14 days to pay off.  Only the District of Columbia and Alaska ranked higher, at 2nd and 1st respectively. In DC, median credit card debt is $3,242, which would take consumers 17 months and 12 days to eradicate.  Alaska's median credit card debt is $4,144, and would take a consumer 19 months and 11 days to pay off.

Watch the video below and see the Wallet Hub study for all of the details.