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

For more information on the WalletHub credit card survey, including a breakdown of metrics and a closer look at Shreveport's impressive statistics, JUST CLICK HERE!

 

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