Wyoming Ranked in the Top 5 States for Highest Credit Card Debt
It's not always a good thing to be ranked at near the top of the country, specifically when it comes to something as series as credit card debt.
A new study conducted by personal finance website, WalletHub, has listed "2022's States with the Highest & Lowest Credit-Card Debts". Unfortunately for the Cowboy State, overall we ranked 5th. Only Alaska, Washington DC, Washington (state) and Vermont respectively ranked higher.
The study went into detail on how the data was formulated. It stated:
To determine which states have the least and most sustainable credit-card debts, WalletHub drew upon TransUnion credit data to calculate the cost and time required to pay off the median card balances of each of the 50 states and the District of Columbia.
Here are a few of Wyoming's metrics that attributed to our overall score:
- Median Credit-Card Balance - $2,324
- Median Income - $50,154
- Cost of Interest Until Payoff - $229
- Expected Payoff Timeframe - 14 months and 10 days
As with many of these types of studies, it is a safe bet to assume that Wyoming's overall low population attributed to our high ranking. After all, with a meager population of just under 600K (581,348 as of the 2020 census), it takes less people with bad credit to average out our entire populace, especially in comparison to the more metropolitan areas.
I do take some solace in that knowledge. However, it never hurts to take the necessary steps to keep yourself out of immense credit card debt, no matter where you reside.