Those who live in Tennessee have the 17th highest average household credit card balances in the United States. Households in California owe an average of $10,175 in credit card debt, which is the highest in the United States. During the second quarter of 2019, the state added $4.4 billion in new debt, which was the most in the country. Altogether, Americans owed more than $1 trillion to credit card lenders at the start of 2019.
That amount increased by $35.6 billion in the second quarter of 2019, and it is projected to increase by $70 billion by the end of the year. According to a study from Creditcards.com, 39 million Americans have been in credit card debt for at least two years.
The amount of time it takes a person to pay off a credit card balance depends on where they live in the country. For example, an individual in Alaska can expect to spend just over 19 months paying down their credit card bills. There are many different reasons why individuals have credit card debt, including medical and car repair bills. Of course, daily expenses such as groceries and other discretionary purchases also contribute to higher levels of debt. Transferring balances to a new card with a lower interest rate may make it possible to pay a debt down faster.
Those who are seeking a fresh financial start may want to consider filing for bankruptcy. Doing so may make it easier to discharge credit card and other types of debt in a timely manner. Filing for bankruptcy might also make it possible to get out of debt without having to liquidate property. Individuals who are in debt and are looking for a path to possible financial freedom may want to discuss their situation with an attorney.