In some places, like Indiana, borrowers are paying down their credit card balances faster. In Alaska, it takes over a year and a half longer, on average, than any other state.
Despite the strong preference for plastic, that burden is not felt across the board. Residents in
Using the median credit card balance and monthly credit card payment of residents in each state based on credit data from TransUnion and the Bureau of Labor Statistics, the personal finance site determined the required number of months to pay off that balance and the finance charges that would result, assuming an average 16.91% annual percentage rate.
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