WalletHub: New Jersey has 14th lowest credit card debt in U.S.

NEW JERSEY – New Jersey has been ranked 14th in states with the lowest credit card debt, according to a study done by WalletHub.

WalletHub released their 2020’s States with the Highest & Lowest Credit-Card Debts on Tuesday.

Wallethub drew upon data from TransUnion, the Federal Reserve, the U.S. Census Bureau and used their proprietary credit card payoff calculator to determine the cost and time required to repay the median credit card balance in each of the 50 states and the District of Columbia.

Credit Card Debt in New Jersey (1^st Rank = Least Sustainable):

• • Median Credit-Card Balance ($2,666)
  • Median Income ($59,577)
  • Cost of Interest Until Payoff ($219)
  • Expected Payoff Timeframe (12 months and 3 days)

Here are the top 5 states with the highest debt:

• • 1. Alaska
    2. District of Columbia
    3. Colorado
    4. Vermont
    5. Washington

Here are the top 5 states with the lowest debt:

• 1. Mississippi
  2. Alabama
  3. Wyoming
  4. West Virginia
  5. Pennsylvania

To see the full list, click here.