Credit Card Debt Survey Interview with KYW Radio Philadelphia
CreditCards.com Senior Industry Analyst Matt Schulz spoke on Monday, July 27, 2015, with Sue Monaghan of KYW Radio Philadelphia about the July 2015 Credit Card Debt survey. The interview and transcript are below.
A recent study takes a look at the debt burdens of 25 metro areas, including Philadelphia. It finds the average area resident could pay off their credit card debt in less than a year. KYW’s Suzanne Monaghan reports.
Sue Monaghan: CreditCards.com says the Philadelphia area has the nation’s seventh lowest credit card debt burden.
Matt Schulz: It would take the average Philadelphian about 11 months and a little over $300 in interest to pay that credit card debt off.
Monaghan: Senior Industry Analyst Matt Schulz says that’s based on the area average credit card balance of about $4,700 and making a monthly payment equal to 15% of a person’s income.
Schulz: While they have the ninth highest credit card balance among the 25 cities, they have the eighth biggest average earnings.
Monaghan: Schulz adds many credit card companies will give cardholders a lower interest rate if they call and ask. Suzanne Monaghan, KYW NewsRadio.