By Suzanne Monaghan

By Suzanne Monaghan

PHILADELPHIA (CBS) — A recent study takes a look at the debt burdens of 25 metro areas, including Philadelphia.

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It finds the average area resident could pay off their credit card debt in less than a year. says the Philadelphia area has the nation’s seventh-lowest credit card debt burden.

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“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.”

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Shulz adds many credit card companies will give cardholders a lower interest rate if they call and ask.