Washingtonians Have 5th Highest Credit Card Debt in US
There seems to be a trend that, thanks in part to the likes of Dave Ramsey, Suzy Orman, et al, has many Americans trying to become debt-free. I know my wife and I have utilized a bastardized version of Ramsey's "baby steps" to eliminate our credit card debt, compile an emergency fund and start peppering out retirement accounts. Apparently, we are in the minority -- at least here in the state of Washington.
According to data compiled by our good friends at WalletHub.com, Washingtonians have the 5th highest median credit card debt in the country.
The report looked at a number of factors and found that the average Washington resident owes $2,892 making it #5 overall. Paying it off at a rate of $282 per month, it would take one year, two months and 15 days to get back to a zero balance.
During the COVID-19 pandemic, have you found yourself whipping out the plastic more frequently than usual?