It's no secret that people have a hard time saving for retirement, what with all the bills—including credit card debt—lingering after the Great Recession.
In addition, one problem seniors face in keeping afloat after retirement is the debt they bring with them into retirement—everything from medical bills and college loans for themselves and their kids and grandkids to—you guessed it—credit card debt.
In fact, lots of people are working longer just to be able to pay off their bills so that they can save for retirement.
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With 60 percent of people responding to an AICPA poll saying that they're postponing major life actions such as retirement, and 28 percent of those saying that the financial reason is credit card debt, that's a lot of postponing going on.
CreditCards.com had a look at the whole credit card debt thing, crunching numbers from Experian on average credit card balances and from the Census Bureau for median earnings for the 25 largest metropolitan areas in the country.
And it ranked all 25, based on how long it took people to pay off their credit cards—something both retirees and would-be retirees need to know when considering all the other factors surrounding a potential place to retire.
Not only should people have an idea how long it will take them to get rid of that (not-so-)easy monthly payment, they should consider how much they'll end up paying in finance charges—something that can put a real bite on a fixed retirement income.
Lowering the amount that has to be paid each month, as well as lowering the amount that has to be paid altogether, both factor into being able to figure out how much a retiree will need to live on once he leaves the workplace behind.
CreditCards.com said that, to arrive at the numbers it used, "[t]he payoff time was calculated assuming that 15 percent of the median income was devoted to pay off credit card debt, as 15 percent is a benchmark often used by credit counselors to determine a reasonable ability to repay a debt."
It ranked cities by the number of months it took to pay off the debt, and when cities tied based on that figure, they were ranked by how much interest would accumulate during the payoff period.
They figured the interest rate at a "typical" 13 percent rate; many people with credit card debt should be so lucky.
Here are the 10 worst places to be if you're trying to pay off a load of credit card debt.
1. San Antonio
It would take the average San Antonio resident 16 months to pay off his or her credit card debt, averaging $4,880 for 2014, while paying interest of $448 for the privilege.
That's because the median yearly earnings for someone over 16 in the San Antonio area were $27,491 in 2013 (the year from which the salary data for the study came).
San Antonians have an average of 1.99 credit cards apiece, by the way.
2. Dallas–Fort Worth
With an average balance of $4,902, it would take 14 months to pay off credit card debt in this metropolitan area.
While the debt level is higher, so is the pay level, at a median of $32,291.
That helps. So does the fact that interest over the period would only (only?) total $382.
Of course, the average number of credit cards per person is 2.14, which can't be good.
3. Atlanta
The average credit card balance in Atlanta in 2014 was $4,845, while interest charges racked up $376 over the 14 months it would take to pay off that balance here on a salary of $32,086.
Nice round number of average credit cards per person, though, at 2.00.
Probably still one too many.
4. Miami–Fort Lauderdale
Who would have thought fun in the sun could perpetuate a credit card balance this way?
It would take 14 months here, too—way beyond the end of spring break—to pay off an average balance of $4,325 on a median annual salary of $27,453.
Along the way, debtors will also fork over $351 for the privilege of owing all that money on 2.02 credit cards.
5. Houston
Oh, Texas just does not do well in this study.
Folks in the Houston area pay for 13 months to wipe out a balance of $4,749 on an average of 2.18 credit cards at a median salary of $31,919.
Interest will cost them $363 while they're working on it.
6. San Diego
You might expect folks in California to have issues with credit card debt, considering the high cost of so many things in the Golden State.
Maybe that's why they call it that? It's certainly golden for someone.
Anyway, it would take 13 months to pay off an average balance of $4,639 on a median salary of $32,342 while losing $342 to interest on an average of 2.14 cards.
Hey, at least it's sunny there.
7. Phoenix.
It's sunny here, too, in Phoenix, but it still takes 13 months to wipe out a credit card debt of $4,483 on an average of 2.02 cards, paying $327 in interest out of a median annual salary of $31,589.
As long as the funds don't run dry, that is…
8. Tampa-St. Petersburg
Another 13-month city.
It's tough to get enough to wipe out a balance of $4,352 on a median salary of $29,961 when $325 of it goes to interest.
Really ought to cut that average number of cards down from 2.02.
9. Los Angeles
Ah, the City of Angels. But angels won't be paying off 2.18 credit cards that owe a balance of $4,371 (they wouldn't owe money in the first place; they're angels, after all) and paying $323 in interest in the process of doing so.
And the median annual salary isn't as high as one might hope, at $30,427. No wonder it takes so long—13 months.
10. Portland, Oregon
Wow, 10 states down and we never even made it out of the 13-month range.
That's how long it takes to wipe out $4,435 in credit card debt on 2.07 cards, paying $319 in interest during the process.
Imagine how long it would take if the salaries here in Portland weren't hitting a median of $31,652.
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