Kansans have been using credit cards a lot lately – enough, in fact, to rank in the Top Ten of credit card usage in the entire country.
The financial website WalletHub projects that net credit card debt will increase by $60 billion in 2021.
To determine which states have the least and most sustainable credit-card debts, WalletHub drew upon TransUnion credit data to calculate the cost and time required to pay off the median card balances of each of the 50 states and the District of Columbia.
In that ranking, Kansas came in seventh in the country with an average payoff time of 13 months and 10 days.
Doctor Tricia Petak, Assistant Professor of Business and Accounting at Kansas Wesleyan University, says that after creating a monthly budget, you should be able to save at least three months’ worth of expenses.
She also says to never max out your credit card, just in case an emergency expense arises.