Washington Residents Drowning in Credit Card Debt

The median credit card debt in Washington state is $2,880, the fifth-highest in the nation.

A WalletHub study using data from credit reporting agency TransUnion says it would cost $313 per month over 15 months and three days to pay off. Consumers across the country pay an average 16.91 percent interest rate.

The amount of private debt is one measure economists use to calculate future economic slowdowns. At the end of 2018, the average American household had $8,788 in credit card debt, and 62 percent of people say they would go into credit card debt for frivolous purchases.

Alaska residents have the highest median credit card debt, $4,144. It would cost $575 per month over 19 months and 11 days to erase the debt. The District of Columbia, Virginia and Colorado are the only other states or regions with higher median credit card debt than Washington.

At the beginning of 2019 Americans owed more than $1 trillion in credit card debt, a number WalletHub says will increase $70 billion by the end of the year.