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.
|Percentile||City/town||Median credit card debt||Cost to pay off||Months and days until it is paid off|
|99 (worst)||Durango, Colo.||$3,583||$466||20 months and 17 days|
|99||Lafayette, Colo.||$3,600||$467||20 months and 16 days|
|99||Monument, Colo.||$4,157||$514||19 months and 17 days|
|99||Golden, Colo.||$3,599||$428||18 months and 25 days|
|98||Parker, Colo.||$4,451||$516||18 months and 9 days|
|97||Castle Rock, Colo.||$4,379||$495||17 months and 27 days|
|97||Evergreen, Colo.||$4,690||$529||17 months and 27 days|
|97||Highlands Ranch, Colo.||$4,028||$452||17 months and 23 days|
|95||Windsor, Colo.||$3,522||$377||16 months and 30 days|
|93||Broomfield, Colo.||$3,196||$334||16 months and 14 days|
|92||Denver||$2,962||$304||16 months and 5 days|
|92||Centennial, Colo.||$3,462||$355||16 months and 4 days|
|91||Longmont, Colo.||$2,892||$295||16 months and 2 days|
|89||Fort Collins, Colo.||$2,837||$282||15 months and 21 days|
|88||Littleton, Colo.||$3,375||$334||15 months and 19 days|
|87||Wheat Ridge, Colo.||$2,590||$254||15 months and 13 days|
|85||Boulder, Colo.||$3,345||$324||15 months and 7 days|
|85||Colorado Springs, Colo.||$2,796||$270||15 months and 6 days|
|84||Englewood, Colo.||$3,118||$301||15 months and 4 days|
|81||Loveland, Colo.||$2,562||$241||14 months and 26 days|
|81||Lakewood, Colo.||$2,655||$249||14 months and 25 days|
|81||Arvada, Colo.||$2,939||$275||14 months and 24 days|
|77||Fountain, Colo.||$2,746||$253||14 months and 15 days|
|77||Westminster, Colo.||$2,757||$254||14 months and 14 days|
|74||Greeley, Colo.||$2,320||$210||14 months and 6 days|
|65||Aurora, Colo.||$2,652||$230||13 months and 20 days|
|65||Thornton, Colo.||$2,732||$237||13 months and 20 days|
|55||Commerce City, Colo.||$2,649||$222||13 months and 2 days|
|44||Brighton, Colo.||$2,900||$232||12 months and 15 days|
|42||Pueblo, Colo.||$2,223||$176||12 months and 12 days|
|28||Northglenn, Colo.||$2,229||$167||11 months and 23 days|
|1||Montrose, Colo.||$2,590||$122||7 months and 1 day|
|1||Grand Junction, Colo.||$2,448||$105||6 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.