2021's Cities with the Least Sustainable Credit Card Debt

Americans started 2020 with more than $1 trillion in outstanding credit card balances, but the good news is that we are on pace to begin 2021 in slightly better shape. The first two quarters of 2020 saw the highest credit-card debt paydown in decades, due in large part to the stimulus in response to the COVID-19 pandemic. WalletHub projects we'll end the year with a small overall reduction in credit-card debt, but there will still be a mountain of debt left in 2021.

Some people are in a better position than others when it comes to credit-card debt. In order to determine where Americans have accumulated the most and least 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 more than 2,500 U.S. cities.

1Main Findings 2Ask The Experts

3Methodology 4Credit Card Payoff Calculator

Main Findings

199

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Cities with the Least Sustainable Credit Card Debt

Percentile*

City

Median Credit Card Debt

Cost to Pay Off

Payoff Time (Income Adjusted)

99

Magnolia, TX

$4,134

$5,861

166 months and 18 days

99

Park City, UT

$5,395

$7,027

155 months and 8 days

99

Cumming, GA

$3,737

$3,945

130 months and 6 days

99

Dahlonega, GA

$2,341

$2,463

129 months and 25 days

99

Jacksonville, NC

$3,209

$3,140

122 months and 3 days

99

Richmond, TX

$3,385

$3,287

121 months and 9 days

99

Leesville, LA

$2,917

$2,461

107 months and 17 days

99

Cottonwood, AZ

$2,572

$2,065

103 months and 1 day

99

Boerne, TX

$4,836

$3,840

102 months and 2 days

99

Raeford, NC

$2,933

$2,185

96 months and 17 days

99

Willis, TX

$2,806

$2,062

95 months and 13 days

99

Wasilla, AK

$4,500

$3,290

95 months

99

Ooltewah, TN

$2,874

$2,046

92 months and 25 days

99

Dumfries, VA

$3,495

$2,444

91 months and 11 days

99

St. Augustine, FL

$3,031

$2,069

89 months and 15 days

99

Hialeah, FL

$2,387

$1,621

89 months and 2 days

99

Buford, GA

$3,229

$2,183

88 months and 22 days

99

Hinesville, GA

$3,000

$2,003

87 months and 23 days

99

Miami, FL

$2,715

$1,784

86 months and 16 days

99

Ewa Beach, HI

$3,281

$2,145

86 months and 4 days

99

Palmetto, FL

$2,697

$1,748

85 months and 15 days

99

Green Cove Springs, FL

$2,944

$1,892

84 months and 25 days

99

Myrtle Beach, SC

$2,734

$1,753

84 months and 20 days

99

Canton, GA

$3,384

$2,142

83 months and 22 days

99

Palmer, AK

$4,021

$2,509

82 months and 20 days

99

Cocoa, FL

$2,640

$1,638

82 months and 8 days

99

Blacklick Estates, OH

$3,347

$2,074

82 months and 4 days

99

Copperas Cove, TX

$3,060

$1,854

80 months and 17 days

99

Live Oak, FL

$2,205

$1,334

80 months and 13 days

99

Benton Harbor, MI

$2,149

$1,294

80 months and 2 days

*99th Percentile = Least Sustainable Credit Card Debt

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Ask the Experts

With credit-card debt levels remaining high in 2020 but decreasing, we asked a panel of credit experts to shed light on the unsustainable credit behavior that leads to such negative results and their effects on the economy. Click on the experts’ profiles to read their bios and thoughts on the following key questions:

 

·       What daily behaviors lead people to amass credit-card debt?

·       What is the biggest mistake people make when managing credit-card debt?

·       How does the growth of credit-card debt affect the economy?

·       How will actions taken by the Federal Reserve affect credit card debt in 2021?

·       What role, if any, should government play in incentivizing and encouraging people to maintain low debt-to-income ratios (e.g., through tax incentives)?