Credit card crisis? Not so much in West Virginia new report shows

(WTRF) — Americans added $52 billion to their credit card debt in 2024, pushing the national total to about $1.3 trillion. But new data shows West Virginians are paying down their debt faster than most.

A recent WalletHub report ranks West Virginia 45th in the nation for the time it takes to pay off median credit card balances — placing the state among those with shorter repayment periods.

Using data from TransUnion, the Federal Reserve, the U.S. Census Bureau, and WalletHub’s payoff calculator, the report compared median debt, income, interest costs, and estimated payoff timelines across all 50 states and the District of Columbia.

For West Virginia:

• Median credit card balance: $2,261
• Median income: $50,861
• Estimated interest cost: $232
• Expected payoff time: 11 months

WalletHub analyst Chip Lupo explained that the speed of repayment depends not just on the amount owed but also on how much people are paying each month.

Looking at the median credit card debt in a state can give you a good idea of whether people are struggling or doing well compared to people in other states, but it’s also important to look at how much residents put toward paying their debts off each month. Low average payments lead to long payoff timelines, which in turn lead to high amounts of interest accrued. For example, Vermont’s median credit card debt is relatively low, but it ranks as the state with the third-biggest debt problem due to low average monthly payments.”
Chip Lupo | Analyst, WalletHub

The findings suggest that while many Americans continue to struggle with rising credit card balances, West Virginians may be better managing their debt relative to income.

The report was released alongside WalletHub’s Financial Insecurity Survey, which explored how debt and personal finances impact mental health across the country.