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Missoula has the 5th least sustainable consolidate credit card debt in the United States

Missoulians have embarked on a consolidate credit card debt spending spree in 2021 according to financial website Wallet Hub, and the result is Missoula has the fifth least lasting credit card debt in the United States.

Analyst Jill Gonzalez spoke to KGVO News on Thursday after the investigation was published.

“Unfortunately in Missoula, the news is not good,” Gonzalez said. “Currently, Missoula has the fifth least sustainable credit card debt in the country. Cities like Miami, Knoxville and Gulfport are ahead. Basically this means that we are seeing a high median credit card debt per household, and judging by the income it looks like it’s going to take a long time to pay this off consolidate credit card debt

Gonzalez has provided the low and dirty facts of what it will take to pay off the average high interest credit card in Missoula.

“Well, its 73 months and nine days to pay off the median credit card debt in Missoula, so the median credit card debt is around $ 2,200,” she said. “The cost to pay that on top of that is about $ 1,200 in interest, and that’s where we get that 73-month figure. ”

Gonzalez said most Americans weathered a storm in 2021, with pandemic relief funds depleting, we turned to plastic to pay our debts.

“America started 2021 with over $ 900 billion in unpaid credit card balances,” she said. “And 2021 has really been a year of big spending. So, throughout the year, we predict that we will see an additional $ 100 billion in credit card debt. It’s a new debt. And that’s way more than the typical average of around $ 45 billion.

There are many strategies for paying off credit card debt, whether it’s through Dave Ramsey or other programs, but Gonzales favors what she calls the “avalanche approach”.

“I like to call it the avalanche approach,” she said. “I think it’s a mistake most people make that if they have any spending money left over, they could sprinkle it on all of their credit cards. But to be strategic, you really want to tackle the one with the highest interest rate first and put some extra money into it. “Pay the minimum balance on all other cards until it’s paid off, then do the same with the next higher interest rate. This way, you pay for things strategically. You can keep track and you do it in a way that costs you the least amount of money.

Credit card debt fell by $ 82 billion in 2020, and Wallet Hub is now forecasting an increase of $ 70 billion in 2021.

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