It’s a math equation that simply doesn’t add up for many Texans.
A new report shows Texas has the fourth-highest credit card debt burden in the United States today.
“Comparing the balance on the average Texan’s credit card with the median earnings of folks in Texas… it means it would take 18 months–with a little over $700 in interest for the average Texan to pay off the average credit card balance” Matt Schulz with CreditCards dot-com told KTSA News.
He sad it’s a theme they see repeating itself in many Sun Belt states.
“A lot of the states with the lowest credit card debt burden are northern states–like North Dakota, Iowa, Minnesota” Schulz said, pointing to the higher incomes in those states when compared to more average earnings for more people in Texas.
“When you compare an average income with A high credit card balance–the math doesn’t work out very well” Schulz said, adding It’s going to be a struggle to pay that off.”
In the end, if you do find yourself in that situation, Schulz said the solution is pretty straight forward.
“You really need to do whatever you can to bring a little bit more money in–even if it’s something small like selling something that you have that’s of value, or getting a small side job” Schulz said.