By Suzanne Monaghan
PHILADELPHIA (CBS) — A recent study takes a look at the debt burdens of 25 metro areas, including Philadelphia.READ MORE: Commuters Make Backup Plans Ahead Of SEPTA Strike Vote
It finds the average area resident could pay off their credit card debt in less than a year.
CreditCards.com says the Philadelphia area has the nation’s seventh-lowest credit card debt burden.READ MORE: Philadelphia Participates In National Prescription Drug Take Back Day
“It would take the average Philadelphian about 11 months and a little over 300 dollars in interest to pay that credit card debt off.”
Senior Industry Analyst, Matt Shulz says that’s based on the area average credit card balance of about $4,700 and making a monthly payment equal to 15-percent of a person’s income.
“While they have the 9th highest credit card balance among the 25 cities, they have the eighth biggest average earnings.”MORE NEWS: 52-Year-Old Shot To Death In Chester, Police Say
Shulz adds many credit card companies will give cardholders a lower interest rate if they call and ask.