Kentucky Ranks Third Among States With the Lowest Credit Card Debt
According to a new report, Kentucky ranks third among states with the lowest credit card debt.
At the beginning of the year, Americans owed more than $1 trillion in credit card debt.
But some states are better than others when it comes to spending more than they can afford.
Indiana is ranked first for states with the lowest credit card debt. Kentucky came in third and Tennessee fell in the middle at 26th. Indiana and Kentucky were also in the top five for the shortest expected payoff timeframe.
WalletHub used TransUnion credit data to calculate the cost and time required to pay off the median card balances of each of the 50 states and the District of Columbia. The group also used data from the U.S. Census Bureau and the Federal Reserve.
Store cards were excluded from Wallethub’s analysis.