How long it could take to knock down your credit card debt if you pay 15% of your monthly income
It's no secret that credit card debt is a burden. Research from CreditCards.com takes a look at the total credit card balances in each state and how long they would take to pay off based on the median annual household income. The study found it would take the median American household 11 months to pay down the average credit card balance of $7,941, providing they pay 15% of their gross earnings. In the state with the highest debt burden, Louisiana, it would take 15 months to get out of debt at that 15% repayment rate, according to the research. Meanwhile, in the state with the lowest debt burden, Massachusetts, it would take eight months.
cnbc.com