Shreveport Makes Top 10 on This List and It’s Good
No doubt about it, 2020 was a year to forget in almost every respect,. But there was at least one area where we, as a country made gains: Paying off credit card debt. Yep, according to personal finance website, WalletHub, Americans excelled in terms of paying off the plastic, getting rid of a record $82.9 billion in debt. And, considering that consumers have added an average of $54.2 billion in credit card debt per year over the past 10 years.
And to make the list even more impressive, we - as in good ol' Shreveport, Louisiana - was near top of the 180 city heap, coming in at a most impressive fifth! So, even though country’s credit card problem is far from solved (over $1 trillion nationally), Shreveport folks rank near the top in fiscal responsibility, paring down their debt by over a thousand dollars per household.
Meanwhile, however, across the USA the average household balance remains far too high, at an average of $8,089 per household. And as America returns to normal in a post-COVID country, that number will most certainly rise. So, cities like Shreveport aside, WalletHub projects that in the 2021 credit card debt in will increase by at least $50 billion.
The WalletHub survey metrics included overall credit card debt per household, increase or decrease in debt per household, total credit card debt and total increase or decrease in debt.
Top 5 Cities Biggest Credit Card Paydown:
1) Oxnard, California.....-$1,270 per household
2) West Valley City, Utah.....-$1,234
3) Augusta, Georgia.....-$1,184
4) Pearl City, Hawaii.....-$1,147
5) Shreveport, Louisiana.....-$1,062
Top 5 Cities Biggest Credit Card Increase:
1) Burlington, Vermont.....$3,020
2) Lewiston, Maine.....$948
3) Fort Smith, Arkansas.....$947
4) Pembroke Pines, Florida.....$930
5) Norfolk, Virginia.....$871