Floridians carry the nation’s fifth-highest credit card debt burden, according to an analysis by CreditCards.com.
The site compared average credit card debt to median income in each state. Floridians’ overall credit card debt ranks just 18th among the 50 states, but low incomes (41st nationally) raise the proportionate cost of debt. In other recent signs that not all is well for Florida’s working class, nearly half of Sunshine State moms are the main breadwinner in their households, and even in Palm Beach County, home to the highest wages in Florida, workers make less than the national average salary.
By dedicating 15 percent of income to retiring credit card debt, the typical Florida resident would need 18 months to get out of debt, and would pay $678 in interest along the way, CreditCards.com said.
Highest Credit Card Debt Burdens
1. Alaska (20 months, $992 interest)
2. New Mexico (20 months, $743 interest)
3. Georgia (18 months, $716 interest)
4. Texas (18 months, $712 interest)
5. Florida (18 months, $678 interest)
Lowest Credit Card Debt Burdens
46. Wisconsin (14 months, $421 interest)
47. Massachusetts (13 months, $482 interest)
48. Minnesota (13 months, $458 interest)
49. Iowa (13 months, $379 interest)
50. North Dakota (12 months, $370 interest)