Some people are superheroes when it comes to keeping to a budget during the holiday season. Others don't have that gift.

A new study seems to suggest that Philadelphia and the surrounding areas might fall into the latter category.

A new survey has been published that illustrates over 100 cities in the United States and whether or not their credit card debt is sustainable. Factors include the average amount of credit card debt, how much it would cost to pay off immediately, as well as the payoff time.

First things first, let's define what sustainable debt actually means. Basically, debt is considered sustainable when you can afford the monthly payments without defaulting.

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Not many people stick to cash when purchasing goodies for everyone around the holidays. While we tend to spend a tad more on everyone here in the Garden State, we're not the only ones. According to the survey, consumers as a whole here in the US racked up over $23 billion in credit card debt in Q3 alone. That's quite a different story than what was happening this time last year. Last year, debt dropped by over $80 million. This year, it has increased by $70 million since this time in 2020.

Here's the good news regarding debt and the Philly/South Jersey region: Luckily, we fall into the realm of debt sustainability. So, while it's not uncommon to hear of people putting all of their Christmas gifts on their credit cards, the one thing this region is doing right is making sure those bills get paid off.

Putting gifts on your card is always fine as long as you don't keep them sitting there for too long. Then, you're just tacking on unnecessary interest. So, good job Jersey, Philly, and other South Jersey neighbors for keeping the debt in check!

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