A new study from CreditDonkey has revealed the top 10 US states struggling most with debt. The study looked at average mortgage debt, student debt, automobile debt, and credit card debt in each state, and ranked each metric on a scale of 1 to 10. The higher the debt, the closer the ranking was to 10. Each state was then given a score out of 40 based on the total debt across all four metrics. The top 10 states with the most debt were:
- California: Californians have the highest average mortgage debt with $422,909 per household. The state also has high credit card debt and automobile debt.
- Hawaii: Hawaiians have high credit card debt, average mortgage debt of $387,277, and high house prices.
- Maryland: Maryland has the highest student debt in the US, averaging at $43,116 per household. The state also has above-average car debt.
- Alaska: Alaskans have the highest average credit card debt in the US at $7,338. The state also has high car debt.
- Colorado: Colorado has high average mortgage debt and student debt.
- Washington: Washington has high house prices and high mortgage debt, as well as above-average car debt.
- Virginia: Virginians have high credit card debt and a high average student debt.
- Georgia: Georgians have high student debt and above-average credit card debt.
- Texas: Texans have the most automobile debt in the US and above-average credit card debt.
- Nevada: Nevadans have above-average mortgage debt and credit card debt.
According to Anna Ge, Director of Research at CreditDonkey, the rise in debt in America is due to a range of factors, including the pursuit of higher education, homeownership aspirations, and the rising cost of living.
