The average Jacksonville resident has to work more than two months to pay off his or her credit card debt, according to a new study.
The report by Smart Asset said that the average credit card balance in Jacksonville is $6,087. With the average hourly wage at $17.36, that means it’d take 350 hours of work to pay it off.
But add in interest, and Smart Asset figured that it will take an average of 570 hours to pay off that debt. That’s a little bit more than 71 eight-hour days.
That puts Jacksonville 24th highest in the United States. Brownsville, Texas, is No. 1 at 786 hours. Six of the top 10 cities are in Texas.
It also puts Jacksonville at third in the state. Tallahassee is No. 1 in Florida (and eighth in the country) with an average debt of $5,507, average wage of $15.32 an hour and 690 hours to pay it all off.
Miami was No. 2 in Florida with an average debt of $5,650, wage of $16.03 and 574 hours to pay it off.
Savannah was No. 1 in Georgia and 10th in the United States with an average debt of $5,795, wage of $15.92 an hour and 655 hours to pay it off.
The average hourly wage of $17.36 put Jacksonville at the top of the eight Florida cities on SmartAsset’s list.
A spokesman for SmartAsset said the wage was determined by dividing the median weekly income by the average number of hours worked each week., using data from the U.S. Census Bureau 5-year American Community Survey.
According to its calculations, the average salary is $18.77 an hour for men in Jacksonville and $15.80 for women. That means women have to work an averagte of 248 more hours to pay off their debt.
Roger Bull: (904) 359-4296