CLARKSVILLE, Tenn. (CLARKSVILLENOW) – A new report from financial website WalletHub says Clarksville ranks in the top 3 percent of cities with the highest amount of credit card debt.
The site says American consumers are projected to exceed $1 trillion in outstanding credit card debt in 2017 – the highest in U.S. history.
WalletHub drew upon data from TransUnion, the Federal Reserve, the U.S. Census Bureau and WalletHub’s proprietary credit-card payoff calculator to determine the cost and time required to pay off the median credit-card balances of more than 2,500 U.S. cities.
Highlights from the report:
Credit Card Debt in Clarksville (99th Percentile = Least Sustainable)
• 68th Percentile – Median Credit-Card Balance ($2,752)
• 82nd Percentile – Median Income ($35,131)
• 91st Percentile – Cost of Interest Until Payoff ($301)
• 97th Percentile – Expected Payoff Timeframe (16 months)
You can view the full report here.