
Shreveport’s Unsustainable Credit Card Debt
At the peak of the 2008 financial crisis, Americans held a total of nearly $12 trillion in debt. The national debt began to fall sometime soon after the recession was staved off, but since 2013 the national debt has only grown more. Today the national debt sits at almost $17 trillion. A new study shows just how much of that debt we hold here in Shreveport.
72 Months To Be Debt Free
A news study from personal-finance group WalletHub has gathered data from 182 cities to analyze the personal credit card debt of the average person from each city. With this data WalletHub has determined the average credit card debt a person in their city would likely have, the average cost it would take to pay off the debt, and the estimated time it would take to finish paying off a card.
Out of 182 cities Shreveport had the 30th worst problem when it comes to unsustainable credit card debt. The median credit card debt in Shreveport is equal to $2,808 and will take an estimated 72 months and 12 days to complete paying off, or 6 years and 12 days.
Some of the cities with even worst debt problems were Port St. Lucie, Florida with an average of $3,426 which they say will take 100 months and 23 days to finish paying off. El Paso, Texas, was the second worst with $3,046 as the average and 96 months to finish paying.
Shreveport performed worse than cities with populations much larger than it's own. Houston has an average of $2,971 in debt for the average person, which is higher than Shreveport but Houston's adjusted income for the job fields in the area give the average person a much shorter time to pay off their cards in full.