Texas has three metro areas in the top five of a rather dubious honor: the highest credit card debt burdens in the country while a California city has the lowest.
San Antonio has the highest credit card debt burden in the nation and San Francisco has the lowest, according to a new CreditCards.com analysis. Dallas-Fort Worth was No. 2, according to the report.
Houston was No. 5. According to the report, it would take 16 months and $448 in interest for a median-income San Antonio resident to pay off the area’s average credit card balance. In Dallas-Fort Worth, it would take 14 months and $382 in interest for a median income area resident to pay off the area’s average credit card balance. At the other end of the spectrum, a median-income San Francisco resident would pay off that area’s average credit card debt in just nine months and would be charged just $234 in interest.
“It’s interesting that the metro areas with the highest average credit card debt don’t necessarily have the highest debt burdens when adjusted for income,” said Matt Schulz, CreditCards.com’s senior industry analyst. “For example, Washington, D.C. has the nation’s highest average credit card debt, but since it has the highest median income in the U.S., its debt burden is lower than all but two metros.”
Highest Credit Card Debt Burdens
1. San Antonio (16 months, $448 interest)
2. Dallas/Fort Worth (14 months, $382 interest)
3. Atlanta (14 months, $376 interest)
4. Miami/Fort Lauderdale (14 months, $351 interest)
5. Houston (13 months, $363 interest)
Lowest Credit Card Debt Burdens
21. New York City (11 months, $293 interest)
22. Minneapolis/St. Paul (11 months, $266 interest)
23. Washington, D.C. (10 months, $286 interest)
24. Boston (10 months, $267 interest)
25. San Francisco/Oakland/San Jose (9 months, $234 interest)
For more information:
http://www.creditcards.com/credit-card-news/debt-payoff-cities.php
Sources: Experian, U.S. Census Bureau, Federal Reserve