WEST PALM BEACH, Fla. — Florida credit card holders are taking about a year to pay off their debt, according to a new analysis that ranks the Sunshine State right in the middle of the pack nationwide.
WalletHub's study placed Florida 30th among states where it takes the longest to eliminate credit card balances. The typical Florida cardholder carries $3,087 in credit card debt and pays nearly $350 in interest charges while working to pay it off.
The analysis found it takes the average Floridian 12 months to become debt-free from their credit cards.
The findings come as Americans nationwide are struggling with mounting credit card debt. Experts project total U.S. credit card debt will reach approximately $100 billion this year.
For Florida families already dealing with rising costs of living, the data highlights the growing financial pressure many households face when managing everyday expenses on credit.
Click here to read the full report and see how other states compare to Florida.
