😰 Alaskan Households Hold the Highest Average Credit Card Debt in 2024

What We’re Showing:

This map visualizes the average credit card debt held by households in each U.S. state, and ranks the states where residents pay off the debt the fastest and slowest.

Data is sourced from Bankrate (2024).

How Did Bankrate Calculate the Time to Pay Off Debt?

First they cross-referenced the average credit card debt by state with the average monthly household income.

Then they calculated how many months it would take to pare down the debt, assuming 5% of the income is used for payments.

Key Takeaways

Households of richer states—Connecticut, California, Washington—with a higher cost of living, are carrying higher credit card balances. But they also manage to pay them off quickly with their larger incomes.

On the other hand, poorer state households have below-average debt but may take closer to two years to pay it off.