In a report released earlier this year by the Federal Reserve Bank of New York, overall American household debt had reached an all-time high of $18.8 trillion between January and March, with outstanding credit card balances being one of the factors that has negatively influenced household budgets.

In this sense, the personal finance company WalletHub analyzed which states in the United States will take the longest for residents to pay off their credit card debt, taking into account that by the end of this year it is expected to increase to a total of $1.4 trillion dollars.

In this regard, Chip Lupo, analyst at WalletHub, commented that "analyzing the average credit card debt in a state can give a good idea of ​​​​whether its residents are having financial difficulties or if, on the contrary, they are doing well compared to those in other states. However, it is also important to consider how much residents spend on paying their debts each month."

According to the report, to determine balances owed and payment times, WalletHub researchers analyzed data from both the Federal Reserve and the U.S. Census Bureau and TransUnion in all 50 states and implemented the company's own credit card payment calculator.

The analysts concluded that these are the states with the longest amortization periods:

For Lupo, "low average payments lead to long payment terms, which in turn leads to high accumulated interest. For example, the average credit card debt in Vermont is relatively low, but this state ranks third among those with the greatest debt problems due to low average monthly payments," he said.

In the case of the District of Columbia, which occupies first place on the list, the average debt is $3,647, spread over an average of three credit cards per person. “The average resident pays $255 a month for their credit card debt, meaning it would take an average of more than 16 months to pay it off and would accrue $541 in interest during that time,” the report highlights.

On the other hand, WalletHub also revealed the results of its survey on the relationship that Americans have regarding the use and debt on their credit cards.

The document detailed that more than 60% of Americans say they spend their money to improve their mood; However, 69% feel insecure about their finances and, although 2 in 5 people are afraid to ask for financial advice, 80% mentioned that having a budget makes them feel more financially secure.