America’s credit card debt is the largest it’s ever been, but the load is heaviest in southern cities, and San Antonio is at the bottom of the barrel, according to a new report out this week, 1200 WOAI news reports.
The report, done by CreditCards.com looked at how much debt the average resident was carrying, and combined that with the median salary. When you put that debt-to-income ratio together, San Antonio carried the heaviest burden in the country.
It would take the average San Antonian 22 months to pay off their debt, using 15-percent of their income. That includes $900 in interest.
"It's a combination. If you have less income and a higher balance, it's going to be a higher burden," the site's Fred Williams says. The average credit card bill in San Antonio is $7,070. Two other Texas cities - Houston and Dallas - made the bottom five.
Seattle had the lowest credit card debt burden.
The credit information was provided by Experian. Their director of public education, Rod Griffin, told the site that there, when you look at the bottom, there is a trend.
"In lower-ranking cities there’s a higher degree of unemployment and education levels aren’t as high. And, culturally, there may be a different perspective on banking and borrowing."
Williams says another factor for San Antonio is our relatively young population. He says, when you're starting your career, it's more common to rely on credit cards.
"San Antonio also has a high military presence," he explains. "Military life can be more challenging."