NASHVILLE, Tenn. (WKRN) — When it comes to managing credit card debt, Tennesseans are leading the charge in quickly eradicating balances, a recent study reveals.
In research conducted by WalletHub, Tennessee emerged as 40th in the nation for the slowest payoff times. This ranking highlights the state’s strength and resilience in consumer debt management, placing it among the top contenders nationally.
With the state’s median credit card balance resting at $2,802 and a median income of $54,307, it’s possible for the average Tennessean to completely pay off their credit card debt in an impressive 11 months and 16 days.
This rapid repayment is largely due to Tennesseans prioritizing higher monthly payments compared to residents in many other states, contributing to their efficient debt management.
While the Volunteer State’s favorable debt-to-income margins help some residents rapidly pay down debt, the rising cost of living is eroding gains for others.
Recent data from the Center for Microeconomic Data shows the average Tennessee adult owed $530 more in inflation-adjusted debt at the end of 2025 than the previous year.
In addition to emergencies like unexpected medical expenses, car repairs, and home repairs, experts have pointed to impulse buying as a common behavior landing consumers in credit card debt.
“It is so easy to purchase anything online or on your phone with a single click or tap,” explained Landmark College professor Jeanette Landin. “Often, that purchase is impulse-driven, and people do not always have a plan to repay the credit card balance.”
To better prepare for unpredictable financial difficulties, Landin recommends saving up an emergency fund, creating a budget, and reviewing household finances regularly.
“Look at your insurance coverages and benefits, bank and credit balances, and goals,” Landin said. “Getting rid of credit card debt does not mean you have to stop enjoying life – just plan for it wisely and use the tools already available to you.”