DENVER (KDVR) – Colorado residents are going on vacation with a lot of instant approval credit card
That’s according to new data from analysts at WalletHub.
Figures show that the median amount of instant approval credit card debt owed by a person living in Denver is $ 2,668. In Aurora, that figure is $ 2,216.
âAlong with Colorado’s three major cities, Colorado Springs was ranked 30th, Aurora was ranked 46th and Denver was ranked 56th. All, unfortunately to the upper side here. So that’s what we don’t like to see. This means that the debt levels there are above average, âsaid Jill Gonzalez, WalletHub analyst.
The data then shows that the average time it would take someone in Denver to pay off their credit card debt is about 54 months and 17 days.
For the average person living in Aurora, it would take around 56 months and 14 days.
If you have a lot of credit card debt, financial analysts suggest trying the avalanche method to reduce it.
âThat means you put the majority of your monthly debt payment on the highest interest rate balance – then you make the minimum required payments on the rest. So once your most expensive debt is paid off, you repeat the process with the next expensive debt, âGonzalez explained.
To read the full WalletHub report, click here.