Credit card debt can hang around for a long time. Now, just how long it takes a person to pay off a credit card balance depends on the situation. This includes how big the debt is and how much money a person puts each month towards paying it off. A recent analysis though paints a picture of the average amount of time it takes to pay off credit card debt in different parts of the county.
For each state, the report looked at the average credit card balance and median annual household income to estimate how long it would take to pay off the average balance with payments of 15 percent of the median income (which is a fairly aggressive pay rate).
The report found that, nationally, the average time to clear a balance, given this formulation, was around 13 months. In most southern states, the average time was longer. This includes South Carolina, for which the average time was around 15 months. This puts South Carolina among the states with some of the longest average balance clearing times.
So, it appears that having longer-lasting credit card debt may be especially common here in South Carolina.
When individuals are facing high credit card debt and the prospect of this debt hanging around for years to come, it can be important for them to explore their debt relief options and look into which would be the best for their future. Bankruptcy attorneys can help people struggling with credit card debt identify what debt relief strategies could help with protecting their long-term goals.