Georgia Has Some Of The Nation's Worst Credit Card Debt

ATLANTA, GA — Maybe right now, with all those presents piled under the tree, isn't the time you want to think about it. But, according to a new report, Georgians have some of the worst credit card debt in the country.

Georgia ranked third-worst in the nation in a study by CreditCards.com that compared average credit card debt with the median income in each state.

Even if they paid 15 percent of their gross monthly income every month, it would take Georgia credit card holders 18 months to pay off their credit card debt, the study showed. At that rate, they'd pay $716 in interest.

Fifteen percent of gross monthly earnings for the average Georgian would be $378.55. Paying less than that on credit card debt would mean taking longer to clear the debt and paying even more in interest.

"It's very hard to get out of debt if you're already stretching every dollar to pay for food, housing and other essentials," said Matt Schulz, CreditCards.com's senior industry analyst.

Only Alaska and New Mexico finished behind Georgia in the study's rankings. Texas was forth from worst and Florida was fifth.

On the opposite end of the spectrum, Wisconsin, Massachusetts, Minnesota, Iowa and North Dakota had the lowest credit card debt burdens, the study found.

For people struggling with credit card debt, Shulz recommends looking into a zero-percent balance transfer card. Such cards offer interest-free periods lasting as long as 21 months, he said.

He also advises dedicating as much extra money as possible to clearing credit card debt — "certainly much more than the minimum that's due each month."

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