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These five states have the biggest credit card burden

FILE - In this March 5, 2012 file photo, consumer credit cards are posed in North Andover, Mass. credit card tile card tile FILE - In this March 5, 2012 file photo, consumer credit cards are posed in North Andover, Mass. credit card tile card tile

By Staff Report December 7, 2020 1 min read

The national average card debt fell 6% and the median household income rose 6% compared with last year, a new CreditCards.com survey finds. The states with the biggest credit card burdens are:

1. Louisiana, average credit card balance for $7,940 with a median income of $51,073, 15 months to pay off average debt

2. Mississippi, average credit card balance for $7,367 with a median income of $45,792, 15 months to pay off average debt.

3. Oklahoma, average credit card balance of $8,094 with a median income of $54,440, 14 months to pay off average debt

4. Alabama, average credit card balance of $7,803 with a median income of $51,734, 14 months to pay off average debt.

5. Arkansas, average credit card balance of $7,571 with a median income of $48,952, 14 months to pay off average debt.

Source: Creditcards.com. Tennessee had the 12th highest credit card debt burden with an average credit card debt of $7,804 and median annual household income $56,071, requiring 13 months to pay off a typical credit card balance.

– Compiled by Dave Flessner