Credit Card Debt Survey Interview with CBS Radio
San Antonio, Texas is the city with the most debt burden in the country. That’s according to a new study by CreditCards.com. The study compared the average credit card debt in the 25 largest U.S. cities with the median income in those cities. Matt Schulz is a CreditCards.com Senior Industry Analyst. He says it comes down to how much people earn.
Matt Schulz: Washington, D.C. has the nation’s highest credit card debt, but since its earnings are so high, it’s debt burden is actually one of the lowest in the nation.
Hmm. Could take nearly a year and a half for a median income San Antonio resident to pay off the area’s average credit card balance.