"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."
"What's owed How'd we tabulate the card burden? Let's start with what's owed, using a WalletHub analysis of TransUnion credit data as of April. Californians who didn't routinely pay off their card bills carried a $3,044 balance, the 12th-highest among the states and 11% above the $2,750 norm for all 50 states. Alaska has the largest credit card debt at $3,683, followed by Colorado at $3,305 and Georgia at $3,186."
Calculation measured the number of days of work required to pay off typical outstanding credit card balances using WalletHub/TransUnion credit data, Bureau of Labor Statistics wage data, and credit scores. A typical Californian who carries a balance faces an eight-day wage burden, tying Connecticut for fourth-lowest among states and remaining below the 9.9-day national median. New York (6.3 days), Massachusetts (6.8), and Washington (7.9) show lower burdens. Alaska shows the highest burden at 12.7 days, followed by Mississippi (12.1) and several states at 11.6. California's average carried balance is $3,044, about 11% above the national $2,750 norm. Differences in paycheck size, not just balances, largely determine state burden levels.
Read at www.ocregister.com
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