Worcester Residents Rank #655 for Credit Card Debt, Behind Springfield and New Bedford
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Thursday, January 07, 2016
GoLocalWorcester Business Team
Worcester residents rank 655 in the country for credit card debt, sitting behind both Springfield and New Bedford, according to
CardHub.
Worcester has an average credit card debt of $4,858 with a cost to pay off of $1,159 over a period of 37 months.
The top ranked city in the country for credit card debt is Cupertino, California with an average credit card debt of $4,703, while College Station, Texas ranks last with an average credit card debt of $5,601 and a cost of $25,221 to pay off over a period of 387 months.
CardHub estimates that Americans have exceeded $900 billion in credit card debt as of year-end 2015.
See All U.S. Cities in the Map Below
The Study
In order to come up with the most and least sustainable credit card debts, Cardhub looked at the averaged credit card balances of residents in each of the 2,547 U.S. cities as on September of 2015 based on data from TransUnion.
Using CardHub's credit card payoff calculator and resident's averaged credit card balance and income, Cardhub determined the required number of months to pay off the balance and the resulting finance charges.
CardHub then ranked the cities based on the calculator's outputs for each city.
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