Paper or plastic: Phoenix area has some of nation’s highest credit debt

PHOENIX — Phoenix residents are likely to be unhappy when that monthly credit card statement arrives.

CreditCards.com said Phoenicians are carrying an average of $4,500 in credit card debt, the seventh-highest in the nation.

Matt Sschulz with the website said it takes the average resident about 13 months — and nearly $330 in interest — to pay off that debt, assuming he or she puts at least 15 percent of the average $31,000 income towards debt.

Things could be worse, however. San Antonians have the highest average credit card debt at nearly $4,900. Hey, everything is bigger in Texas!