Spending easy, now comes hard part for credit-card debt

Category: Credit Card Debt Published: Monday, 18 January 2016 Written by Super User

Christmas is behind us, but the holiday credit-card bills are just now hitting our email or mailboxes and the results for some wont be pretty.

CardHub.com has estimated that Americans will have exceeded $900 billion in credit-card debt by the end of 2015, the highest amount recorded since the economic downturn.

The website has issued a reportthat calculates the impact of credit-card debt on consumers in 2,547 cities and how long it would take consumers in every one of those cities to pay off that debt based on an assortment of data.

The results show how long it can take to pay off debt.

In the case of Columbus, it would take three years and three months for the average consumer to pay off debt of $4,945. That ranks Columbus 835th on the list.

The other big cities in Ohio fared worst -- Toledo at 1,738; Cleveland and Akron tied at 1,861; Cincinnati ranked 1,911th; and Dayton came in close to the bottom at 2,464.

Hits: 565