Study: Mainers' credit card debt averages $2,265
Mainers on average carry credit card debt of $2,265, and the expected time to pay off that balance is 13 months and two days, according to a new WalletHub report out this week.
That puts the Pine Tree State at No. 29 nationally when it comes to debt-level sustainability.
The 50 states and the District of Columbia were ranked according to the time required to pay off the median debt amount. The study looked at credit cards that carry a balance and excluded store cards.
The findings, released by the personal finance website on Tuesday, note that at the start of 2019, Americans owed more than $1 trillion in credit card debt.
And while consumers repaid $38.2 billion in the first quarter, the amount of debt nationwide is projected to swell by a net $70 billion before the end of the year.
Researchers found that the situation varies widely from state to state.
To pinpoint the states with the least and most sustainable debt levels, WalletHub used data from TransUnion, the consumer credit reporting agency, to calculate the cost and time required to pay off the median card balances in each place.
Maine's expected payoff time frame bested Connecticut, at No. 30, by two days.
Alaska had both the the highest median debt level and longest expected time period for paying it off, while Iowa had the lowest median debt level and Indiana the shortest payoff time.
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