San Antonio has highest credit card debt burden in US
SAN ANTONIO -- Feel like you're buried in debt? If you live in San Antonio, you may be right.
San Antonio has the highest credit card debt burden in the U.S., according to a new CreditCards.com report. The study looked at each of the 25 largest cities in the U.S. and compared the average credit card debt and the median income. If you go by what experts recommend and dedicate 15% of your income to credit card debt, it would take the typical San Antonio resident 22 months to get out of debt and he or she would pay $911 in interest.
The numbers show San Antonio has the 5th highest average credit card debt and 4th-lowest median income among the cities reviewed.
The report also shows Texas claims three of the five cities with the highest credit card debt burdens.
“Getting out of debt isn’t easy, but it can be done with willpower and determination,” said Matt Schulz, CreditCards.com’s senior industry analyst. “Consider a 0% balance transfer credit card with a long interest-free period. It may seem strange to combat credit card debt with a new credit card, but the truth is that used wisely, the right balance transfer card can save you a fortune in interest and shave months off the time needed to pay off that debt.”
Cities with the highest credit card debt burdens:
1. San Antonio (22 months, $911 interest)
2. Miami/Ft. Lauderdale/West Palm Beach (21 months, $814 interest)
3. Houston (20 months, $799 interest)
4. Los Angeles (20 months, $745 interest)
5. Dallas (19 months, $801 interest)
Cities with the lowest credit card debt burdens:
21. Seattle (15 months, $577 interest)
22. Washington, D.C. (14 months, $613 interest)
23. Boston (14 months, $524 interest)
24. Minneapolis (14 months, $493 interest)
25. San Francisco (13 months, $495 interest)