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Study shows Californians have the most debt in America, with the most average mortgage debt at $422,909.
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Hawaii ranks second for the most personal debt
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Maryland has the most student debt according to data with $43,116 on average.
A new study has revealed that California is the state where residents have the most personal debt.
Research by banking experts at CreditDonkey analyzed the average mortgage debt, student debt, automobile debt and credit card debt in every state. Each metric was given a ranking out of 10, the higher the amount of debt the closer to 10. Each state was then given a score out of 40, the higher the number the more debt a state has.
Credit Card debt alone in America stands at over $1 trillion, and Christmas is a time when many people will turn to Credit Cards and Buy Now Pay Later schemes to afford gifts and other festive items. This year, there could be an increased need for these as prices of essentials and luxuries have risen considerably. These facts alone are driving up personal debt across the country, before even taking into account the huge student debt totaling 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…
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