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AVERAGE UTAHN'S CREDIT CARD COULD TAKE 17 YEARS TO PAY OFF!
 
 
SALT LAKE CITY — For the average Utahn with a credit card, sticking to the minimum payments on their current card debt will result in a nearly two-decade journey to retiring that balance.
And while the state has relinquished its nation-leading bankruptcy rates of years past, Utah is still hovering around the No. 5 spot for personal bankruptcy filings, according to the Virgina-based American Bankruptcy Institute, a figure financial experts say is simply about residents' collective failure to live within their means.
Recent data ranks Utah 27th in the nation for credit card debt per capita, coming in at $2,750 for every adult in the state. Debt.com computed that retiring that amount by making just the required minimum payments results in a payback cycle of 17 years and three months. And the payer would accumulate almost $3,000 in interest over that time.
What to do? The University of Utah's Personal Money Management Director Ann House said it boils down to making better personal financial decisions.
"We're just not as savvy as we should be as far as credit cards go," House said. "While we've made progress on our bankruptcy rates, we're still a state carrying too much debt."
House said Utah's larger-than-average household size does play a role ... more

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