DENVER (KDVR) — A new study shows Colorado has the 4th highest credit card debt in the nation.
The research, collected by WalletHub, found the median credit-card balance of the average Coloradan hovers around $2,576.
In terms of highest median credit card debt, the data shows Colorado actually has the second highest.
“That’s where Colorado ranked second highest; second only to Alaska. Twice as high as someone in Wisconsin or Maine. So that was really a downfall,” explained Jill Gonzalez, an analyst with WalletHub.
According to the report, the expected payoff timeframe for the average Coloradan is roughly 14 months and 11 days.
The cost of interest until a payoff is met for Coloradans is around $251, WalletHub analysts found.
For tips on how to slim down your credit card balance right now and to take a closer look at the data from WalletHub, click here.