If you’re already feeling the overwhelming burden of credit card debt in the new year, you’re certainly not alone.
Americans have exceeded a staggering $900 billion in credit-card debt as of year-end 2015 — the highest amount recorded since the economic downturn — according to a new report from CardHub.
In Birmingham, Alabama shoppers are no stranger to “swipe now, worry later” spending and residents have found themselves further in debt than many other cities across the country.
According to CardHub, Birmingham is among the top 8 percent of cities with the most credit card debt in the U.S.. There, individuals there have an average $5,874 of debt and take an average of 70+ months, over 5 1/2 years, to pay it off.
Credit Card Debt in Birmingham (99th Percentile=Best)
- 38th Percentile – Average Credit Card Balance ($5,874)
- 18th Percentile – Median Earnings for Workers ($22,697)
- 18th Percentile – Cost of Interest Until Payoff ($2,771)
- 8th Percentile – Expected Payoff Time Frame (70 months)
To determine which American cities had the most-sustainable and least-sustainable credit card debt, CardHub analysts analyzed data from TransUnion, the Federal Reserve, and the U.S. Census Bureau to calculate the number of months required to pay off the average credit card balances and associated finance costs in 2,547 U.S. cities.