Dayton ranks in top cities for credit card debt

Dayton ranks in the top 2 percent of cities with the highest credit card debt, according to a new study from WalletHub.

Americans are projected to have added an additional $80 billion of credit card debt at the end of 2016, mirroring outstanding balances close to what was seen during the Great Recession, the study found.

Dayton ranked in the 98th percentile of cities with the highest amounts of credit card debts, and the average person in the city has about $5,303. That debt took an average of about 90 months to pay off, according to the study.

But tracking credit card debt on a national level can be difficult.

In 2015, the Federal Reserve Bank of New York reported the total amount of credit card debt U.S. consumers claimed to have was 37 percent lower than the figure lenders reported.

The study used TransUnion credit data to calculate the number of months required to pay off the average balances in 2,537 cities.

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About the Author

Kara Driscoll