FARGO-North Dakota has the country's lowest ratio of credit card debt to its cost of living, according to a new study.
For-profit credit card education and advocacy organization CardRatings looked at median earnings, employment factors, educational level, cost of living and other factors in each state to find influences on credit card debt across the country.
The study found North Dakota had an average balance of $4,599 on credit cards in 2016, the second lowest in the country behind Iowa, which had an average balance of $4,410. After cost of living and taxes were factored in, the state's adjusted income was $39,595.96, giving North Dakota a ratio of 11.61 percent debt to income-the lowest in the U.S.
The highest ratio of 26.43 percent was recorded in Hawaii, where average credit card balances last year were just shy of $6,000 and adjusted income was about $22,500.
Minnesota had the nation's eighth lowest ratio of debt to income of 13.42 percent. The state had average credit card balances of $5,170.33 last year and an adjusted income of $38,524.46.