Coloradans are racking up a lot of credit card debt

Problem Solvers

DENVER (KDVR) — Coloradans are moving into the holidays with a lot of credit card debt.

That’s according to some new data from analysts at WalletHub.

The numbers show the median amount of credit card debt owed by someone living in Denver is $2,668. In Aurora, that figure is $2,216.

“With the three major cities in Colorado, Colorado Springs ranked 30th, Aurora ranked 46th and Denver ranked 56th. All, unfortunately towards the higher side here. So that’s what we don’t like to see. That means the debt levels there are above average,” said Jill Gonzalez, an analyst from WalletHub.

The data goes on to show the average amount of time it would take someone in Denver to pay off their credit card debt is around 54 months and 17 days. 

For the average person living in Aurora, it would take around 56 months and 14 days.

If you are dealing with a lot of credit card debt, financial analysts suggest trying the avalanche method to help bring it down.

“That means you put the majority of your monthly debt payment towards the balance of the highest interest rate – and then you make minimum required payments on the rest. So once your most expensive debt is paid off, you repeat the process with the next expensive debt,” Gonzalez explained.

To read the full report from WalletHub, click here.

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