San Antonio maintains her tradition of being the city with the highest credit card debt burden while San Francisco has the lowest in the nation, according to a new analysis released Monday.
Per the study by CreditCards.com Texas has three of the five highest debt burdens while Northeastern states has five of the seven lowest debt burdens.
The annual report compared the average credit card debt in the 25 largest American metro areas with each city’s median income. The study assumed that 15% of median income would go towards credit card debt on a monthly basis.
“It would take 16 months and $448 in interest for a median-income San Antonio resident to pay off the area’s average credit card balance,” a release from CreditCards.com stated. “At the other end of the spectrum, a median-income San Francisco resident would pay off that area’s average credit card debt in just nine months and would be charged just $234 in interest.”
Highest Credit Card Debt Burdens
1. San Antonio (16 months, $448 interest)
2. Dallas/Fort Worth (14 months, $382 interest)
3. Atlanta (14 months, $376 interest)
4. Miami/Fort Lauderdale (14 months, $351 interest)
5. Houston (13 months, $363 interest)
Lowest Credit Card Debt Burdens
21. New York City (11 months, $293 interest)
22. Minneapolis/St. Paul (11 months, $266 interest)
23. Washington, D.C. (10 months, $286 interest)
24. Boston (10 months, $267 interest)
25. San Francisco/Oakland/San Jose (9 months, $234 interest)
Texas Governor Greg Abbott recently revealed that the unemployment rate in the Lone Star State has been below the United States rate for 100 consecutive months. In April 2015, unemployment remained at “4.2 percent, the lowest since July 2007. In fact, if not for Texas’ record job growth, the nation as a whole would have experienced a net job loss since 2007.”
As Texas Attorney General, and now, as governor, Abbott has built a national reputation for aggressive push back against federal over-regulation, “whether it’s Obamacare, Dodd-Frank or the EPA.”
“Businesses only expand where the workforce is ready,” the Governor added. “With the third youngest median age in the country, Gallup shows that employees here are among the most engaged in the nation. Attracted by a relatively low cost of living, no state personal income tax and job growth across all wage quartiles, Americans are relocating to Texas more than to any other state.”
“It’s interesting that the metro areas with the highest average credit card debt don’t necessarily have the highest debt burdens when adjusted for income,” said Matt Schulz, CreditCards.com’s senior industry analyst. “For example, Washington, D.C. has the nation’s highest average credit card debt, but since it has the highest median income in the U.S., its debt burden is lower than all but two metros.”