Americans started 2020 with more than $1 trillion in outstanding credit card balances, but the nation is starting 2021 in slightly better shape. According to the personal finance website WalletHub, Americans had the highest debt pay down in decades due to the COVID-19 stimulus.
Unfortunately, experts say there is still a substantial amount of debt left. Analyst Jill Gonzalez tells us where Athens ranks on their list of 2021’s Cities with the Least Sustainable Credit Card Debt.
“In this study, a 99th percentile is not where you want to be. That would mean that a city has the least sustainable credit card debt. Athens did not rank 99th, but it did rank 57th, so a lot better than many other cities, but not quite better than average. But doing okay, I would say.”
The study showed the median credit debt in Athens was just over $2,000, but by just making minimum payments it would cost an additional $646 and take 45 months to pay off.
“Paying off credit card debt is a great New Year's resolution. Don't just say “I'm going to pay off some debt.” or “I'm going to pay off all my credit card debt.” That might not be doable. Really make this actual. Maybe say, “I'm going to pay off 20% of my credit card debt.” or “I'm going to pay off this one credit card.””
2,500 U.S. cities were included in the study. For more information, visit WalletHub.com.