Which states take the longest to pay off credit card debt?

LANSING, Mich. (WLNS) — In 2024, Americans racked up more than $1.3 trillion in credit card debt, WalletHub says.

WalletHub, a personal finance company, reports that this debt is not distributed evenly across the U.S.

Inflation, financial stability, and other factors contributed to this inconsistent distribution of debt.

WalletHub used credit data collected by TransUnion to calculate the cost and time required to pay off the median card balances for each state and the District of Columbia, allowing them to determine which states take the longest to pay off credit card debt.

Michigan residents have a median credit card debt of $2,532, with the cost to pay off set at -$287. The pay-off period for the state is 12 months and 7 days.

According to the data set, Michigan ranks 25th in the nation for the length of time it takes to pay off credit card debt.

Alaska is the state with the highest credit card debt, with the median amount per person reaching $3,683. Residents’ debt is spread across an average of 2.84 credit cards per person.

It takes the average person in Alaska more than 16 months to pay off their entire debt.

Mississippi has the lowest credit card debt, with the median amount per person reaching $2,473, with an average cost to pay off set at -$277. It takes residents slightly less than 10 months to off their entire debt.