Dayton ranks among top cities with highest credit card debts

CONTRIBUTED

CONTRIBUTED

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.

» RELATED: After Southwest departure, what’s next for Dayton airport?

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.

» RELATED: Holiday retail sales up, but some stores suffering

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

FIVE QUICK BUSINESS READS

» Ohio water systems to map where lead pipes are located

» Dance studio opens new location in Englewood

» Airline offers daily flights from US to Europe for under $70

» Real estate investment startup expands in downtown Dayton

» New 'clean-eating' restaurant to open at Cornerstone of Centerville

About the Author