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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 (1st 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)

Source: WalletHub

 

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.

Jay Edwards

Born and raised in Northwest NJ, Jay has a degree in Communications and has had a life-long interest in local radio and various styles of music. Jay has held numerous jobs over the years such as stunt car driver, bartender, voice-over artist, traffic reporter (award winning), NY Yankee maintenance crewmember and peanut farm worker. His hobbies include mountain climbing, snowmobiling, cooking, performing stand-up comedy and he is an avid squirrel watcher. Jay has been a guest on America’s Morning Headquarters,program on The Weather Channel, and was interviewed by Sam Champion.

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