Sunday, May 14, 2017

Monsey Among Worst Places In U.S. For Credit Card Debt

Residents who live in Monsey, a hamlet of Ramapo, might want to rethink their credit card use after a recent study ranked the hamlet as being the fifth worst place in the country for credit card debt.
According to a study by WalletHub, the average credit card holder has an outstanding balance of $5,849 with a collective nationwide balance of $927.1 billion in 2016.
In Monsey, the average balance was $7,569 with an average income of $18,825, or 41 percent of their income, according to Business Insider .
In the study, WalletHub looked at the average credit card balance and the median income, ranking them by how long it would take the average person to pay off the debt.
Residents of Monsey, whose medium income are below the national average of $32,261, will likely struggle to meet the minimum payments, said Business Insider.


Anonymous said...

21. Lakewood, New Jersey

21. Lakewood, New Jersey
Bogdan Migulski/Flickr

Median income: $18,546

Average credit card balance: $6,500

Debt as a percentage of income: 35.05%

Anonymous said...

lakewood #21

Anonymous said...

Beautiful houses and beautiful cars, what a Mirage.seems hard to believe..

jancsibacsi said...

They got to have it all after all you only live once :)

Anonymous said...

12,46. not only a mirage but a life based on illusions and falsehood which can only cause amajor bankruptcy crisis, chas veshalom, even though many are well off, the majority aren't. It's distressful that so much conversation between the frum is about money and wanting to impress and lies about who has what. It's actually pathetic.

Anonymous said...

Article doesn't make sense to me. After the stock market crashed 10 years ago the banks are very stingy with credit limits that they tie to your income & bank account levels.

And West Chester a suburb of Philly only has median income of $16K?

Anonymous said...

Remember the income represented is only the "on the books" income.
If you add the public assistance,the scams and off the books money it would be a lot more. Odds are the credit card companies get stiffed by bankruptcies and sham identities. Monsey is a corrupt dump.