CardHub: Warwick consumers in best financial shape regarding credit card debt

CARDHUB ANALYZED 2,547 U.S. cities to determine which cities have the highest and lowest credit card debts. / COURTESY CARDHUB
CARDHUB ANALYZED 2,547 U.S. cities to determine which cities have the highest and lowest credit card debts. / COURTESY CARDHUB

PROVIDENCE – Comparing Rhode Island cities, Warwick consumers are in the best financial shape when it comes to paying off their credit card debt.
CardHub, a credit card comparison website, analyzed data from TransUnion, the Federal Reserve, U.S. Census Bureau and its own proprietary credit card payoff calcaulator to determine the number of months required to pay off the average credit card balances and associated finance costs in 2,547 U.S. cities. CardHub said it also assumed a 14 percent average interest rate.
In Warwick, the average credit card debt is $5,864, and while it may be higher than some other Ocean State cities, CardHub said the payoff timeline is 35 months, with the average cost to pay it off at $1,320.
That puts Warwick at No. 485 on the list of U.S. cities for its credit card debt, which is on the more sustainable end of the list. New Bedford, Mass., and Taunton, Mass., also tied with Warwick and several other cities at No. 485 for their 35-month timeline to pay their average credit card debt of $4,120 and $5,213, respectively.
Cupertino, Calif., placed first for having the most sustainable credit card debt with an average bill of $4,703 and 10-month timeline to pay it off. College Station, Texas, was last on the list, with average credit card debt of $5,601, and 387 months to pay it off, CardHub said.
As for other Rhode Island cities included on the list, Woonsocket came after Warwick at No. 567, tying with numerous other cities including Attleboro, Mass., for $4,840 in average credit card debt and 36 months to pay it off, at an extra cost of $1,122.
Attleboro had average credit card debt of $5,863, with 36 months to pay it off.
Other Rhode Island cities and southeastern Massachusetts cities ranked as follows:

  • Cranston, No. 745, average credit card debt, $5,812, 38 months to pay it off, $1,425 in extra costs
  • Fall River, Mass., No. 918, average credit card debt, $4,682, 40 months, $1,211 in extra costs
  • Pawtucket, No. 1087, average credit card debt, $4,898, 42 months, $1,334 in extra costs
  • Newport, No. 1458, $6,370, 47 months, $1,953 in extra costs
  • Providence, No. 1947, average credit card debt, $4,729, 55 months, $1,716 in extra costs

The study results can be found HERE.

According to CardHub estimates, Americans will have exceeded $900 billion in credit-card debt as of year-end 2015, the highest amount recorded since the economic downturn.

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