San Antonio has the highest credit card debt burden in the nation and San Francisco has the lowest, according to a CreditCards.com study.
Texas ranked poorly – three of the five highest debt burdens – and the Northeast fared well – five of the seven lowest debt burdens.
The study compared the average credit card debt in the 25 largest U.S. metro areas with each area’s median income. It assumed that 15 percent of median income would go towards credit card debt each month.
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. At the other end of the list, a median-income San Francisco resident would pay off that area’s average credit card debt in nine months and would be charged $234 in interest.
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
“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.”
CreditCards.com is a credit card information and marketing site.
