Credit card debt has soared throughout 2022 as consumers are shying away from cash-on-hand in order to foot the bill of inflation.
Data from the Federal Reserve Bank of New York showed a $312 billion increase in total household debt to $16.15 trillion in the second quarter of 2022. Credit card debt, in particular, increased by $46 billion.
According to a study from WalletHub, the median average credit card debt per state varies across the country. The study used credit and economic data from TransUnion to compile its state rankings based on median debt and the average length of time expected to pay it off.
Alaska and the District of Columbia are at the top of the list, with their residents averaging over 17 months to pay off their median debts of $3,206 and $2,788, respectively.
Collectively, New York holds the most credit card debt at just under $50 billion total.
West Virginia, Arkansas, and Mississippi sit at the bottom, with Mississippi having the lowest average credit card debt ($1,806) and the only state with a payoff timeline of under 10 months (9 months, 18 days).
“Americans have racked up a record amount of credit card debt at over $1 trillion,” WalletHub Analyst Jill Gonzales told Yahoo Finance. “That being said, we’re not all in the same boat — people in some states have less debt than others, due to a number of factors.”