Why Moving Out of Idaho Could Help Lower Your Credit Card Debt
Debt is something we all frown upon and wish to have out of our lives. There are different kinds we accumulate through life, such as college debt, car debt, and more, but the one that seems to be one of the biggest burdens is credit card debt. It is easy to lose track of how much you have spent and before you know it have hundreds or thousands of dollars of credit card debt. Does where you live though dictate how much debt you have and how fast you can pay it off? Which states have the lowest credit card debt, which has the highest, and how does Idaho compare to them all?
The Best and Worst States for Credit Card Debt
Where you live can affect how much debt you accumulate, but it also depends on how fast you can get out of it. WalletHub recently released a list of the states with the highest and lowest credit card debts, and they ranked the states using categories such as median credit card debt, cost to pay off, and months and days until payoff. Using these criteria, it was determined that the state with the highest credit card debt is Alaska, with Washington DC being second, and Colorado rounding out the top three. The state with the lowest credit card debt is West Virginia, with Mississippi being the second lowest, and Kentucky rounding out the bottom three.
Does Idaho Have High or Low Credit Card Debt?
Being low on this list is good, and with Washington DC included, the list ranked 51 states. Idaho came on the list at 30, with an average credit card debt of $2,530. The cost to pay off is $292 a month, and the months and days until all the debt is paid is 13 months. Overall, this isn't bad, but 20 other states have lower debt. To give an example of how Idaho compares, the average debt in Alaska is $3,517 and the average in West Virginia is $2,131. To see how long it would take to pay those debts off though and what it would cost, you can click the link in the paragraph above.
Credit card debt will follow you wherever you go, and you will accumulate it wherever you live as well. The biggest help will be the cheaper the living, the more you make, the more extra money you may have to help pay it off quicker. You can't outrun your debt, but perhaps you can find a way to pay it sooner than later. If you are looking to get rid of some credit card debt, refer back to the list and maybe look at moving to one of the states with lower debt, otherwise, just pay it each month, and you will get there eventually.