Rockford ranks among U.S. cities with least credit card debt

Credit cards / Photo Date: 7/19/2015 / Photo: Pixabay / (MGN)
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ROCKOFRD, Ill. (WIFR) -- While families may be concerned about debt over the holidays, Rockford residents may be in a better position financially than most of the country.

According to a recent WalletHub study​, Rockford ranks in the top 2 percentile of cities with the least credit card debt.

The city's median credit card debt is right around $2,000. Rockford also ranked in fifth percentile or better in factors such as average cost of interest until payoff ($114) and expected payoff timeframe (8 months and 24 days).

Bloomington, Decatur, Geneva, Danville, Glenview and Lake Forest were the only Illinois cities with stronger rankings than Rockford in the study.

Nationally, WalletHub projects that the U.S. will end 2018 with $70 billion more in credit card debt than 2017.

The study also says the U.S. will owe more than $1 trillion in credit card debt at the end of 2018 after starting the year at that mark for the first time ever.