Pocketbook pain

San Antonio declared worst city in U.S. for burden of credit card debt

San Antonio declared worst city in U.S. for burden of credit card debt

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In San Antonio it takes an average of 22 months to pay off credit card debt. Photo via LivingDice.com

San Antonio, we have a debt problem. A new study by CreditCards.com puts Alamo City is No. 1 for length of time to pay off credit card debt and interest accrued. Combined with other factors, this makes it one of the worst cities for credit card debt in the country.

CreditCards.com compiled 2017 data from credit-reporting bureau Experian to come up with its ranking of 25 large U.S. metro areas based on the credit card burden shouldered by their residents. The website looked at each metro area’s average credit card balance in relation to income, using median earnings per worker.

“By computing how long it would take to pay off the average balance, the analysis measures not just the dollar size of credit card debt, but also how heavily it weighs on consumers’ budgets,” CreditCards.com notes. The CreditCards.com study found that it takes the typical San Antonio worker 22 months to pay off the average credit card balance ($7,070).

San Antonio is in good company, though. Two other Texas metros included in the study — Dallas-Fort Worth and Houston — also made the list.

In Houston, it takes the typical worker 20 months to pay off the average credit card balance ($7,121), according to the study. Houston was the third worst in that category, two spots above San Antonio. For DFW, it takes the typical worker 19 months to pay off the average credit card balance ($7,171). DFW ranked fifth in that regard, two spots above Houston.

By contrast, the typical earner in San Francisco — the metro area with the lightest credit card burden — needs only 13 months to pay off the average balance there. CreditCards.com points out that the San Francisco area’s credit card burden is low thanks, in part, to having the second-highest median income among the 25 metros.

Unfortunately for local residents, this isn't a factor. “San Antonio’s income ranked 22nd, meaning residents have fewer resources to pay down their balances,” the website says.