Billings Residents Pay Down Credit Cards
Over the past year Billings residents have reduced their credit card debt considerably … “a major accomplishment,” according to WalletHub, which recently released a study about the major swings of credit card debt over 2020 and over the past ten years.
Among 182 US cities, Billings ranked 29th in terms of how much credit card holders reduced their debt. Missoula did even better, coming in 20th. The average credit card debt per household in Billings is $10,722 which is about $284 below the average of 2019. In total Billings credit card users owe $501,977,301 which is about -$13,293,494 less than in 2019.
The average credit card debt per household in Missoula is $10,416 which is about $427 below the average of 2019. In total Missoula credit card users owe $336,584,903 which is about -$13,789,939 less than in 2019.
Over all US credit card holders reduced their debt by 12 percent in 2020 dropping to $8,089 per household from $9,193 in 2019. Americans owe $955.4 billion in credit card debt. But while they reduced their debt during the course of the year and amid the COVID crisis, they reversed the trend in the last quarter of 2020, according to WalletHub.
While 2020 was a year to forget in most respects, Americans excelled in terms of paying off credit card debt, getting rid of a record $82.9 billion in debt. This is a major accomplishment, considering that consumers have added an average of $54.2 billion in credit card debt per year over the past 10 years, said WalletHub.
The country’s credit card debt problem is far from solved, however. We still collectively owe nearly $1 trillion to credit card companies, and the average household balance remains too high, at $8,089. Both figures are also likely to rise as the economy reopens from the coronavirus pandemic. As a result, WalletHub’s early projection for credit card debt in 2021 is that U.S. consumers will add roughly $50 billion to their total balance.
Ranking in the top as far as reducing their debt was Oxnard, CA,; West Valley City, UT; Augusta, GA; Pearl City, HI; and Shreveport, LA.
Among the poorest at reducing debt were Pembroke Pines, FL, Fort Smith, AR; Lewiston, ME; and Burlington, VT.