- Category: Features
- Written by Christina Lavingia
-
The 25 Most Debt-Ridden States
In the 18-month Great Recession that spanned from late 2007 to mid-2009, over 8.8 million jobs were lost, more than 4 million foreclosures occurred and $19.2 trillion in household wealth vanished, according to the Treasury Department.
Eight years later, despite a gradually improving economy, the recession's toll can still be felt. Although people might have their jobs back and a semblance of their former well-being, many are fearful and still saddled with debt today.
Credio analyzed data from the Federal Reserve Bank of New York to see how U.S. consumer debt has changed over time. This household debt includes mortgage, auto loan, credit card and student loan debt per capita.
Despite a salvaged economy, consumer household debt is still higher today than it was in 2003 in nearly every U.S. state. Looking at the most recent year's data (2014), Credio ranked the U.S. states and Washington, D.C., by total consumer debt to see which states are most indebted.
Note: Given these debt statistics are measured on an aggregate level, the states that are most burdened by mortgage debt or student loans, among the other loan types, may rank higher. The top 25 states with the most household debt per capita are sorted least to greatest.
#25. Idaho
Total Debt: $39,150
Average Student Loan Debt: $4,360
Average Auto Loan Debt: $3,320
Average Credit Card Debt: $2,500
Average Mortgage Debt: $28,970
#24. Wyoming
Total Debt: $39,540
Average Student Loan Debt: $3,290
Average Auto Loan Debt: $4,690
Average Credit Card Debt: $2,620
Average Mortgage Debt: $28,940
#23. Vermont
Total Debt: $39,870
Average Student Loan Debt: $4,850
Average Auto Loan Debt: $4,220
Average Credit Card Debt: $2,780
Average Mortgage Debt: $28,020
#22. Georgia
Total Debt: $40,040
Average Student Loan Debt: $5,640
Average Auto Loan Debt: $4,110
Average Credit Card Debt: $2,660
Average Mortgage Debt: $27,630
#21. Illinois
Total Debt: $41,360
Average Student Loan Debt: $4,950
Average Auto Loan Debt: $3,410
Average Credit Card Debt: $2,780
Average Mortgage Debt: $30,220
#20. Rhode Island
Total Debt: $41,980
Average Student Loan Debt: $4,650
Average Auto Loan Debt: $2,870
Average Credit Card Debt: $2,940
Average Mortgage Debt: $31,520
#19. Nevada
Total Debt: $42,410
Average Student Loan Debt: $3,180
Average Auto Loan Debt: $4,010
Average Credit Card Debt: $2,650
Average Mortgage Debt: $32,570
#18. New York
Total Debt: $43,400
Average Student Loan Debt: $5,190
Average Auto Loan Debt: $3,110
Average Credit Card Debt: $3,270
Average Mortgage Debt: $31,830
#17. Arizona
Total Debt: $44,170
Average Student Loan Debt: $4,310
Average Auto Loan Debt: $4,050
Average Credit Card Debt: $2,740
Average Mortgage Debt: $33,070
#16. Oregon
Total Debt: $45,860
Average Student Loan Debt: $4,750
Average Auto Loan Debt: $2,900
Average Credit Card Debt: $2,680
Average Mortgage Debt: $35,530
#15. Delaware
Total Debt: $47,150
Average Student Loan Debt: $4,600
Average Auto Loan Debt: $3,780
Average Credit Card Debt: $2,810
Average Mortgage Debt: $35,960
#14. New Hampshire
Total Debt: $47,350
Average Student Loan Debt: $5,000
Average Auto Loan Debt: $4,320
Average Credit Card Debt: $3,170
Average Mortgage Debt: $34,860
#13. Minnesota
Total Debt: $47,610
Average Student Loan Debt: $5,550
Average Auto Loan Debt: $3,260
Average Credit Card Debt: $2,930
Average Mortgage Debt: $35,870
#12. Utah
Total Debt: $48,060
Average Student Loan Debt: $3,620
Average Auto Loan Debt: $4,150
Average Credit Card Debt: $2,610
Average Mortgage Debt: $37,680
#11. Alaska
Total Debt: $51,330
Average Student Loan Debt: $3,640
Average Auto Loan Debt: $4,690
Average Credit Card Debt: $3,830
Average Mortgage Debt: $39,170
#10. New Jersey
Total Debt: $53,170
Average Student Loan Debt: $4,970
Average Auto Loan Debt: $3,410
Average Credit Card Debt: $3,510
Average Mortgage Debt: $41,280
#9. Connecticut
Total Debt: $53,480
Average Student Loan Debt: $4,760
Average Auto Loan Debt: $3,050
Average Credit Card Debt: $3,370
Average Mortgage Debt: $42,300
#8. Washington
Total Debt: $54,320
Average Student Loan Debt: $3,710
Average Auto Loan Debt: $3,350
Average Credit Card Debt: $3,100
Average Mortgage Debt: $44,160
#7. Massachusetts
Total Debt: $54,880
Average Student Loan Debt: $5,310
Average Auto Loan Debt: $3,130
Average Credit Card Debt: $3,180
Average Mortgage Debt: $43,260
#6. Colorado
Total Debt: $57,530
Average Student Loan Debt: $5,150
Average Auto Loan Debt: $3,870
Average Credit Card Debt: $3,230
Average Mortgage Debt: $45,280
#5. Virginia
Total Debt: $58,250
Average Student Loan Debt: $4,680
Average Auto Loan Debt: $3,920
Average Credit Card Debt: $3,330
Average Mortgage Debt: $46,320
#4. Hawaii
Total Debt: $60,390
Average Student Loan Debt: $3,010
Average Auto Loan Debt: $2,950
Average Credit Card Debt: $3,360
Average Mortgage Debt: $51,070
#3. California
Total Debt: $62,210
Average Student Loan Debt: $3,890
Average Auto Loan Debt: $3,420
Average Credit Card Debt: $3,050
Average Mortgage Debt: $51,850
#2. Maryland
Total Debt: $63,300
Average Student Loan Debt: $5,480
Average Auto Loan Debt: $4,200
Average Credit Card Debt: $3,320
Average Mortgage Debt: $50,300
#1. Washington, DC
Total Debt: $76,080
Average Student Loan Debt: $11,260
Average Auto Loan Debt: $2,420
Average Credit Card Debt: $3,470
Average Mortgage Debt: $58,930