- Study shows Californians have the most debt in America, with the average mortgage debt at $422,909.
- Hawaii ranks second for the most personal debt
- According to data, Maryland has the most student debt, with $43,116 on average.
A new study has revealed that California is the state where residents have the most personal debt.
Credit Card debt alone in America stands at over $1 trillion and is only set to rise in 2024. The reason is the increased need to delve into debt as prices of essentials and luxuries have grown considerably. These expenses alone drive up personal debt across the country, before even considering the vast student debt totalling over $1.7 trillion and auto loan debt being over $1.5 trillion.
1 – California
Californians are in the most debt, according to data. California has the highest average mortgage debt with $422,909 per household; this could be attributed to the fact that California has some of the highest house prices in America, meaning that many people may need to take out larger mortgages to live there. Having a car in many places in America is also a necessity and thus many people may have vehicle debt; in California this averages at around $23,262 which is one of the higher figures across the states.
Debt Index: 35.28
2 – Hawaii
Hawaii is the state with the second most debt. On average Hawaiians have around $6,343 of credit card debt. Credit cards have become increasingly popular across the states, this is to fill in the gaps in purchasing power that occur when prices rise faster than income. As well as credit cards, there’s been a huge increase in Buy Now Pay Later…
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