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Wallethub: Colorado has fifth-worst credit card debt in U.S.

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Posted at 12:32 PM, Jul 30, 2019

COLORADO SPRINGS — A Wallethub survey found that Coloradans struggle with credit card debt more than residents in other states.

That survey found the median level of credit card debt in Colorado was $2,985 and it would take an average of 15 months and 3 days to pay off the debt, making it the fifth-worst state when it comes to "least sustainable credit card debt."

Alaska ranked as the worst and Indiana ranked as the best states. An interactive map of the national rankings can be found at the bottom of this story.

The survey found that numerous towns and cities in our state were some of the worst offenders in the country. The list, which sourced data from the credit reporting agency Transunion, found that Monument was 22nd worst community in the nation when it came for an estimated time to pay off the debt. Monument was the third worst community in Colorado listed on the survey, behind Durango and Lafayette, which ranked 11th and 12th-worst nationally.

When looking at the larger cities in the state, Denver ranked in the 92nd percentile, Fort Collins ranked in the 89th, both Boulder and Colorado Springs ranked in the 85th percentile, Pueblo ranked in the 42nd percentile. It wasn't all bleak, Grand Junction was actually one of the best in the country in the 1st percentile.

PercentileCity/townMedian credit card debtCost to pay offMonths and days until it is paid off
99 (worst)Durango, Colo.$3,583$46620 months and 17 days
99Lafayette, Colo.$3,600$46720 months and 16 days
99Monument, Colo.$4,157$51419 months and 17 days
99Golden, Colo.$3,599$42818 months and 25 days
98Parker, Colo.$4,451$51618 months and 9 days
97Castle Rock, Colo.$4,379$49517 months and 27 days
97Evergreen, Colo.$4,690$52917 months and 27 days
97Highlands Ranch, Colo.$4,028$45217 months and 23 days
95Windsor, Colo.$3,522$37716 months and 30 days
93Broomfield, Colo.$3,196$33416 months and 14 days
92Denver$2,962$30416 months and 5 days
92Centennial, Colo.$3,462$35516 months and 4 days
91Longmont, Colo.$2,892$29516 months and 2 days
89Fort Collins, Colo.$2,837$28215 months and 21 days
88Littleton, Colo.$3,375$33415 months and 19 days
87Wheat Ridge, Colo.$2,590$25415 months and 13 days
85Boulder, Colo.$3,345$32415 months and 7 days
85Colorado Springs, Colo.$2,796$27015 months and 6 days
84Englewood, Colo.$3,118$30115 months and 4 days
81Loveland, Colo.$2,562$24114 months and 26 days
81Lakewood, Colo.$2,655$24914 months and 25 days
81Arvada, Colo.$2,939$27514 months and 24 days
77Fountain, Colo.$2,746$25314 months and 15 days
77Westminster, Colo.$2,757$25414 months and 14 days
74Greeley, Colo.$2,320$21014 months and 6 days
65Aurora, Colo.$2,652$23013 months and 20 days
65Thornton, Colo.$2,732$23713 months and 20 days
55Commerce City, Colo.$2,649$22213 months and 2 days
44Brighton, Colo.$2,900$23212 months and 15 days
42Pueblo, Colo.$2,223$17612 months and 12 days
28Northglenn, Colo.$2,229$16711 months and 23 days
1Montrose, Colo.$2,590$1227 months and 1 day
1Grand Junction, Colo.$2,448$1056 months and 11 days

Wallethub determined the least sustainable debt by using the median credit card balance and the monthly credit card payments of people in those communities. Wallethub defined "least sustainable" as the debt that would take the longest to pay off, assuming customers would pay an average 16.91% interest rate.

Of course, geography doesn't always correlate to personal financial responsibility. Some states with a higher cost of living ranked below Colorado, and it's a safe assumption that every community on that list has at least one resident that doesn't have any credit card debt.

However, this list does show that a significant number of Americans and Coloradans are struggling with credit card debt, and it will take a significant amount of time to pay it off.

Source: WalletHub