SAN FRANCISCO–A new report ranks U.S. states according to the average personal debt-to-income ratios of their respective citizens.
The analysis was conducted by Schoolaroo and analyzed data from median household income and personal debt in all 50 states. The personal debt includes auto loans, credit cards, student loans, personal loans and other debt excluding mortgages.
“One of the top concerns among Americans is the undeniable fact that personal debt has reached alarming levels,” Schoolaroo said in releasing the data. “Despite a year marked by high inflation and rising interest rates, consumers continued taking on debt. In fact, household debt rose to $16.51 trillion during the third quarter of 2022, as reported by the Federal Reserve Bank of New York. This represented an 8.3% rise, primarily driven by mortgage-related debt, when compared to the corresponding period in the previous year.”
Key Highlights
Among the highlights of the analysis:
- Massachusetts, California, and Hawaii are the states with the lowest personal debt-to-income ratios in the country.
- Georgia residents entered 2023 with the highest average non-mortgage debt. Residents owed an average of $45,778 in December 2022.
- Between December 2021 and December 2022 the average non-mortgage debt in North Dakota jumped by $6,719, the most across the U.S.
The full report can be found here.
Just Because It’s Autumn Doesn’t Mean Falling for Schemes to Overcharge You for CU Industry News. Instead, Try This Crisp Offer
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?