AUSTIN, Texas, July 27, 2015 /PRNewswire/ -- San Antonio has the highest credit card debt burden in the nation and San Francisco has the lowest, according to a new CreditCards.com analysis. Texas ranked poorly (three of the five highest debt burdens) and the Northeast fared well (five of the seven lowest debt burdens).
The study compared the average credit card debt in the 25 largest U.S. metro areas with each area's median income. It assumed that 15% of median income would go towards credit card debt each month.
It would take 16 months and $448 in interest for a median-income San Antonio resident to pay off the area's average credit card balance. At the other end of the spectrum, a median-income San Francisco resident would pay off that area's average credit card debt in just nine months and would be charged just $234 in interest.
Highest Credit Card Debt Burdens
1. San Antonio (16 months, $448 interest)
2. Dallas/Fort Worth (14 months, $382 interest)
3. Atlanta (14 months, $376 interest)
4. Miami/Fort Lauderdale (14 months, $351 interest)
5. Houston (13 months, $363 interest)
Lowest Credit Card Debt Burdens
21. New York City (11 months, $293 interest)
22. Minneapolis/St. Paul (11 months, $266 interest)
23. Washington, D.C. (10 months, $286 interest)
24. Boston (10 months, $267 interest)
25. San Francisco/Oakland/San Jose (9 months, $234 interest)
"It's interesting that the metro areas with the highest average credit card debt don't necessarily have the highest debt burdens when adjusted for income," said Matt Schulz, CreditCards.com's senior industry analyst. "For example, Washington, D.C. has the nation's highest average credit card debt, but since it has the highest median income in the U.S., its debt burden is lower than all but two metros."
More information is available here:
Sources: Experian, U.S. Census Bureau, Federal Reserve
CreditCards.com, named a "Best Site for Managing Your Credit" by MSN Money, is a leading online credit card marketplace, bringing consumers and credit card issuers together. At its free website, consumers can compare hundreds of credit card offers from America's leading issuers and banks and apply securely, online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards. Offering advice, news, features, statistics and tools, CreditCards.com helps consumers make smart choices about credit cards. In 2014, over 22 million unique visitors used CreditCards.com to find the right credit card to suit their needs.
For More Information:
Public Relations Director