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Panelists Ben Levisohn, Carleton English and Andrew Bary react to the jobs report on “Barron’s Roundtable.”

A new report by CreditCards.com reveals which states have the highest and lowest credit card debt burdens and where consumers may find it easier or more difficult to pay off that debt based on their earnings.

The report, released Tuesday, found that Mississippi ranked as the state where consumers have the highest average credit card debt burden relative to their income, whereas residents of Massachusetts had the lowest.

Those findings were based on an analysis by CreditCards.com of average credit card balances, average annual household income, months to pay off credit card balances, and total interest paid by households in various states.

"In comparing average credit card balances with average household incomes, this study seeks to determine where credit card debt is more and less difficult to pay off," said CreditCards.com Senior Industry Analyst Ted Rossman. "Mississippi, for example, has the sixth-lowest average credit card balance, which sounds pretty good. But it has the lowest average household income of any state. Comparatively speaking, that makes credit card debt much harder to pay off in the Magnolia State."

CREDIT CARD DEBT SET TO HIT $1T AS CHRONIC INFLATION CRUSHES AMERICANS

A report by CreditCards.com found that Mississippi was the state with the highest credit card debt burden when accounting for income while Massachusetts had the lowest. (Robert Nickelsberg/Getty Images / Getty Images)

"This contrasts with Washington, D.C., for example, where the average resident has about $1,500 more in credit card debt but an average household income that’s more than $70,000 higher," Rossman added.

In terms of the states with the heaviest credit card debt burdens relative to income, Mississippi ranked highest with an average balance of $4,972, an average annual household income of $68,048 and a 22-month payoff period.

FED PAUSE LIKELY WON’T HELP STRUGGLING CONSUMERS

Two other southern states and two from the mountain west ranked behind Mississippi:Oklahoma ranked second with an average credit card balance of $5,491, compared to a $75,430 average annual household income for a 21-month payoff period.Louisiana ranked third with a balance of $5,429 and an average household income of $75,590 for a 21-month payoff period.New Mexico ranked fourth with an average balance of $5,398 compared to an annual household income of $76,989 which also amounted to a 21-month payoff period.Nevada ranked fifth with an average credit card balance of $6,175 and a household income of $89,961 for a 20-month payoff period.

Massachusetts fared the best in the CreditCards.com report, coming in with an average credit card balance of $5,633, compared to an average annual household income of $124,789 – which amounted to a 13-month payoff period based on the report’s assumption of 5% of monthly gross income being allocated to credit card debt.

NEW CREDIT CARD BILL TARGETING VISA-MASTER CARD ‘DUOPOLY’ TRIGGERS LOBBYING ONSLAUGHT

Americans’ aggregate credit card debt remained around an all-time high of $986 billion in the first quarter of 2023. (Thomas Cooper/Getty Images)

Washington, D.C., also had a 13-month payoff period based on an average credit card balance of $6,519, compared to an average household income of $138,856 per year. Though it is a district and not a state, it ranked second when included with the 50 states.

The three states that rounded out the top five areas with the lowest credit card burdens relative to income each had a 14-month payoff period and ranked as follows:Minnesota ranked third with an average credit card balance of $5,197 versus an annual household income of $103,305.New Hampshire ranked fourth with an average balance of $5,712 and an annual household income of $111,908.California came in fifth with an average credit card balance of $6,038 versus an average household income of $120,953.

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The report comes after the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit released in May found that Americans’ aggregate credit card debt remained around an all-time high of $986 billion.

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Entertainment

MasterChef presenter John Torode sacked

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MasterChef presenter John Torode sacked

MasterChef presenter John Torode will no longer work on the show after an allegation he used an “extremely offensive racist term” was upheld, the BBC has said.

His co-host Gregg Wallace was also sacked last week after claims of inappropriate behaviour.

On Monday, Torode said an allegation he used racist language was upheld in a report into the behaviour of Wallace. The report found more than half of 83 allegations against Wallace were substantiated.

Torode, 59, insisted he had “absolutely no recollection” of the alleged incident involving him and he “did not believe that it happened,” adding “racial language is wholly unacceptable in any environment”.

John Torode and Gregg Wallace in 2008. Pic:PA
Image:
John Torode and Gregg Wallace in 2008. Pic: PA

In a statement on Tuesday, a BBC spokesperson said the allegation “involves an extremely offensive racist term being used in the workplace”.

The claim was “investigated and substantiated by the independent investigation led by the law firm Lewis Silkin”, they added.

“The BBC takes this upheld finding extremely seriously,” the spokesperson said.

“We will not tolerate racist language of any kind… we told Banijay UK, the makers of MasterChef, that action must be taken.

“John Torode’s contract on MasterChef will not be renewed.”

Australian-born Torode started presenting MasterChef alongside Wallace, 60, in 2005.

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Why Gregg Wallace says he ‘will not go quietly’

A statement from Banijay UK said it “takes this matter incredibly seriously” and Lewis Silkin “substantiated an accusation of highly offensive racist language against John Torode which occurred in 2018”.

“This matter has been formally discussed with John Torode by Banijay UK, and whilst we note that John says he does not recall the incident, Lewis Silkin have upheld the very serious complaint,” the TV production company added.

“Banijay UK and the BBC are agreed that we will not renew his contract on MasterChef.”

Read more from Sky News:
BBC reveals highest-earning stars
Men who cut down Sycamore Gap tree locked up
Couple murdered two-year-old grandson

Earlier, as the BBC released its annual report, its director-general Tim Davie addressed MasterChef’s future, saying it can survive as it is “much bigger than individuals”.

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BBC annual report findings

Speaking to BBC News after Torode was sacked, Mr Davie said a decision is yet to be taken over whether an unseen MasterChef series – filmed with both Wallace and Torode last year – will be aired.

“It’s a difficult one because… those amateur chefs gave a lot to take part – it means a lot, it can be an enormous break if you come through the show,” he added.

“I want to just reflect on that with the team and make a decision, and we’ll communicate that in due course.”

Mr Davie refused to say what the “seriously racist term” Torode was alleged to have used but said: “I certainly think we’ve drawn a line in the sand.”

In 2022, Torode was made an MBE in the Queen’s Birthday Honours, for services to food and charity.

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Politics

Programmable regulation is the missing key to DeFi’s legal future

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Programmable regulation is the missing key to DeFi’s legal future

Programmable regulation is the missing key to DeFi’s legal future

Programmable regulation could be the solution to legacy regulatory frameworks struggling to keep pace with DeFi’s rapidly evolving ecosystems. Embedding compliance in code can bring legal clarity, reduce risk and foster innovation in DeFi.

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UK

MasterChef presenter John Torode sacked

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MasterChef presenter John Torode sacked

MasterChef presenter John Torode will no longer work on the show after an allegation he used an “extremely offensive racist term” was upheld, the BBC has said.

His co-host Gregg Wallace was also sacked last week after claims of inappropriate behaviour.

On Monday, Torode said an allegation he used racist language was upheld in a report into the behaviour of Wallace. The report found more than half of 83 allegations against Wallace were substantiated.

Torode, 59, insisted he had “absolutely no recollection” of the alleged incident involving him and he “did not believe that it happened,” adding “racial language is wholly unacceptable in any environment”.

John Torode and Gregg Wallace in 2008. Pic:PA
Image:
John Torode and Gregg Wallace in 2008. Pic: PA

In a statement on Tuesday, a BBC spokesperson said the allegation “involves an extremely offensive racist term being used in the workplace”.

The claim was “investigated and substantiated by the independent investigation led by the law firm Lewis Silkin”, they added.

“The BBC takes this upheld finding extremely seriously,” the spokesperson said.

“We will not tolerate racist language of any kind… we told Banijay UK, the makers of MasterChef, that action must be taken.

“John Torode’s contract on MasterChef will not be renewed.”

Australian-born Torode started presenting MasterChef alongside Wallace, 60, in 2005.

Please use Chrome browser for a more accessible video player

Why Gregg Wallace says he ‘will not go quietly’

A statement from Banijay UK said it “takes this matter incredibly seriously” and Lewis Silkin “substantiated an accusation of highly offensive racist language against John Torode which occurred in 2018”.

“This matter has been formally discussed with John Torode by Banijay UK, and whilst we note that John says he does not recall the incident, Lewis Silkin have upheld the very serious complaint,” the TV production company added.

“Banijay UK and the BBC are agreed that we will not renew his contract on MasterChef.”

Read more from Sky News:
BBC reveals highest-earning stars
Men who cut down Sycamore Gap tree locked up
Couple murdered two-year-old grandson

Earlier, as the BBC released its annual report, its director-general Tim Davie addressed MasterChef’s future, saying it can survive as it is “much bigger than individuals”.

Please use Chrome browser for a more accessible video player

BBC annual report findings

Speaking to BBC News after Torode was sacked, Mr Davie said a decision is yet to be taken over whether an unseen MasterChef series – filmed with both Wallace and Torode last year – will be aired.

“It’s a difficult one because… those amateur chefs gave a lot to take part – it means a lot, it can be an enormous break if you come through the show,” he added.

“I want to just reflect on that with the team and make a decision, and we’ll communicate that in due course.”

Mr Davie refused to say what the “seriously racist term” Torode was alleged to have used but said: “I certainly think we’ve drawn a line in the sand.”

In 2022, Torode was made an MBE in the Queen’s Birthday Honours, for services to food and charity.

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