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Here’s the Average Debt in Every State
Most U.S. households carry some debt, whether it be a mortgage, auto loan or credit card balance. The good news is that total U.S. household debt decreased by $34 billion in Q2 2020, marking the first drop since Q2 2014. The Federal Reserve Bank of New York noted COVID-19 and loan forbearance as the reasons for the decline.
Of course, the percentage of the total U.S. household debt owed varies by state. If you are curious about your home state (and others), use the list below to see the average debt per capita for each U.S. state. And learn four helpful solutions for paying down debt, including debt consolidation and debt snowball strategies.
What is the average debt per capita by state?
Data from the New York Fed from Q4 2019 reveals states differ when it comes to total household debt amounts, including student and auto loans, mortgages and credit card obligations.
Alabama residents owe $38,000 in debt
The average mortgage debt in Alabama is $21,880 per capita. Meanwhile, credit card and auto loan debt are $2,550 and $5,120, respectively, while student loans are $5,120 per capita.
Alaska residents owe $59,630 in debt
Alaskans owe $4,440 in credit card debt (the largest per capita). Residents also carry $4,960 in auto loans, $3,970 in student loans and $42,860 in mortgages.
Arkansas residents owe $33,950 in debt
The credit card debt totals $2,530, while auto loans stand at $5,520, and student loans come in at $4,540. Residents of this state have an average of $18,950 in mortgages.
Arizona residents owe $54,290 in debt
Residents of the Grand Canyon State owe $3,460 on credit cards, $5,350 on auto loans and $5,260 on student loans. The average mortgage amount is $37,620.
California residents owe $73,400 in debt
The mortgage amount is $57,170, while auto loans are at $4,710. Credit card debt and student loans average $3,810 and $4,640, respectively.
Colorado residents owe $55,510 in debt
While residents’ credit card debt totals $3,820 per capita, mortgages add up to $55,510. Student loans are at $6,230, while auto loans average $4,850.
Connecticut residents owe $59,840 in debt
Student and auto loans total $6,160 and $3,760, respectively. Mortgages average $42,340, while credit card debt is at $4,020.
Delaware residents owe $55,290 in debt
Delaware residents carry $3,520 in credit card debt, owe $6,070 in student loans and have $5,040 in auto loans. Mortgages are at $37,830.
Florida residents owe $47,380 in debt
Mortgages in the Sunshine State are $29,970, while student loan debt is at $5,020. Credit card debt is $3,730, and auto loans are $5,380.
Georgia residents owe $49,720 in debt
Credit card debt is $3,470, while the average mortgage owed is $30,240. Student loan debt averages out to $7,440, and auto loans owed are at $5,640.
Hawaii residents owe $74,230 in debt
People in the Aloha State owe $56,160 on their homes and $3,780 on student loans. Credit card debt works out to $4,290 per person, with auto loans averaging $3,920.
Idaho residents owe $50,470 in debt
The credit card debt totals $2,930 per capita, auto loans average $4,760 and student loans top out at $5,020. Meanwhile, homeowners owe an average of $34,210 in home loans.
Illinois residents owe $31,260 in debt
Residents in Illinois carry mortgages that average $31,260 and auto loans that average $4,360. Student loans total $5,970, while credit card debt is $3,410 per capita.
Indiana residents owe $39,570 in debt
Credit card debt averages out to $2,700, while student loans total $5,290. Auto loans add up to $4,460, while the mortgage average is $24,320.
Iowa residents owe $40,740 in debt
Student loans total $5,330 per capita. Credit card debt stands at $2,650, while auto loans are at $4,630. Mortgages owed average out to $25,660.
Kansas residents owe $38,720 in debt
While the amount owed on homes totals $23,960, student loans and credit card debt are at $5,540 and $2,930, respectively. Car owners owe $4,190 on their loans.
Kentucky residents owe $34,910 in debt
Those in the Bluegrass State carry $2,480 on their credit cards and owe $4,120 in auto loans and $4,980 in student loans. The average mortgage owed is $20,310.
Louisiana residents owe $39,740 in debt
The average mortgage amount is $22,550. Credit card debt totals $2,690, auto loans stand at $5,950 and student loans total $5,580.
Maryland residents owe $72,310 in debt
Mortgage debt is $52,070, while auto and student loans are $5,430 and $6,910, respectively. Credit card debt totals $4,120.
Maine residents owe $43,740 in debt
People living in Maine carry $5,440 in student loans and $2,960 in credit card debt. Auto loans average $4,670, while the mortgages are at $27,200.
Massachusetts residents owe $65,500 in debt
Student loans total $6,180 among residents in the Bay State, while credit card debt stands at $3,760. Auto loans average $3,990, while mortgages owed total $47,770.
Michigan residents owe $40,160 in debt
Michigan residents owe $24,760 on their homes, with auto loans at $3,980. Student loans average $5,910, while credit card debt stands at $2,860.
[ Read: The Simple Dollar Guide to Auto Loans ]
Minnesota residents owe $38,510 in debt
People living in this Midwest state carry $3,380 in credit card debt and owe $6,310 in student loans and $4,220 in auto loans. Mortgages work out to $38,510.
Mississippi residents owe $33,140 in debt
Credit card debt totals $2,240, which is the smallest amount per capita in all 50 states. Auto loans average $5,220, student loans are at $5,900 and mortgages average $16,260.
Missouri residents owe $24,090 in debt
Missouri residents owe $24,090 in mortgages, $5,370 in student loans and $4,460 in auto loans. Credit card debt is $2,800.
Montana residents owe $46,660 in debt
The average credit card debt is $3,060, while the average mortgage is $31,550. Student loans average $4,620, while auto loans stand at $4,340.
Nebraska residents owe $26,600 in debt
Residents of the Cornhusker State carry $26,660 in mortgages and $3,000 in credit card debt. Auto loans average $4,250 and student loans average $5,170.
Nevada residents owe $54,830 in debt
Mortgages in the Silver State average $38,900, while student loans are at $4,270. Credit card debt is $3,630 and auto loans are $5,410.
New Hampshire residents owe $56,640 in debt
Credit card debt is $3,630, auto loans are $5,560 and student loans are $5,890. Mortgages average $37,480.
New Jersey residents owe $59,100 in debt
Mortgages average $41,020, while student loans are at $6,210. Credit card debt stands at $4,170, and auto loans at $4,160.
New Mexico residents owe $41,000 in debt
Credit card debt averages $2,860, while auto loans and student loans stand at $5,690 and $4,100, respectively. The average mortgage is $25,810.
New York residents owe $51,280 in debt
Credit card debt stands at $4,010, while mortgages average $34,030. Auto and student loans are at $3,780 and $6,180, respectively.
North Carolina residents owe $47,260 in debt
While mortgages average $30,100, student loans are at $5,470 and credit card debt stands at $3,120. Auto loans average $5,230.
North Dakota residents owe $$45,550 in debt
Auto and student loans average $5,530 and $5,500, respectively. Credit card debt is at $3,200, while the average mortgage is $28,490.
Ohio residents owe $39,450 in debt
Student loans average $6,320, while auto loans average $4,590. Credit card debt is $2,890 and mortgages are $22,860.
Oklahoma residents owe $35,100 in debt
Auto loans in Oklahoma are $5,510, credit card debt is $2,710 and mortgages are $20,100. Students loans average $4,560.
Oregon residents owe $40,740 in debt
Credit cards average $3,200, while auto loans average $4,010. Mortgages average out to $40,740, with student loans at $5,820.
Pennsylvania residents owe $43,440 in debt
Those living in the Keystone State carry $3,260 in credit card debt and owe $4,310 and $6,420 on their auto and student loans. The mortgage amount averages $26,090.
Rhode Island residents owe $51,170 in debt
Rhode Island residents owe $34,680 on mortgages, $3,540 on credit cards and $5,640 on student loans. Auto loans average $3,970.
South Carolina residents owe $45,420 in debt
The average mortgage is $28,030, with student loans at $6,040. Credit card debt is $3,020 and auto loans is $5,000.
South Dakota residents owe $26,690 in debt
Residents carry $2,970 in credit card debt and owe an average of $26,690 on their mortgages. Student and auto loans are $5,150 and $4,610, respectively.
Tennessee residents owe $42,500 in debt
Student loans average out to $5,190, while credit card debt is $2,760. Auto loans are $4,780 and mortgages are $26,510.
Texas residents owe $45,290 in debt
The Lone Star State’s auto loan average is $6,880, which is the highest per capita in the United States. Mortgages average $27,450, student loans are $4,100 and credit card debt is $3,470.
Utah residents owe $62,090 in debt
The average mortgage amount stands at $45,900, with auto loan averages at $5,370. Credit cards carry $3,170 in debt and student loans average $4,290.
Virginia residents owe $66,150 in debt
Student loans in Old Dominion average $6,050, credit card debt is at $4,000 and auto loans are at $4,900. The average mortgage amount is $47,810.
Vermont residents owe $46,490 in debt
The auto loan average in this New England state is $5,250, with credit card debt at $3,130. Mortgages average $29,130 and student loans average $5,880.
Washington State residents owe $67,440 in debt
The mortgage average is $51,220, and student loans are at $4,330. Credit card debt is $3,660 and auto loans average to $4,470.
Washington D.C. residents owe $88,450 in debt
Washington D.C. has the highest overall debt per capita in the U.S. They also have the highest mortgage amount ($64,700) and the largest student loan amount ($13,420). Interestingly enough, the per-capita auto loan, at $3,090, is the lowest in the United States.
West Virginia residents owe $30,580 in debt
This represents the smallest amount of debt per capita in the U.S. Average credit card debt is $2,390, while auto and student loans are $5,190 and $4,180, respectively. The mortgage payment comes out to $15,980.
Wisconsin residents owe $41,760 in debt
Those living in the Dairy State owe $27,580 in mortgages and have $2,770 in credit card debt. Auto loans and student loans average $4,000 and $4,940, respectively.
Wyoming residents owe $47,670 in debt
Student loans among residents in the state are $3,690, which is the smallest per capita in the United States. Mortgage amounts average $32,950, auto loans are $5,390 and credit card debt is $3,130.
4 ways to pay off debt
Whether you live in a state with high-per-capita debt or are dedicated to reducing what you owe, the following debt-reduction solutions can be useful for paying off debt.
- Debt consolidation. Consolidating your debt allows you to bring together loans and credit card balances into one monthly payment. Methods vary and can include balance transfer credit cards (allowing you to transfer higher-interest credit card debt to cards with lower interest), debt management plans offered by credit counseling agencies or applying for a loan against your home or 401(k).
- Personal loans. A personal loan allows you to borrow a lump sum from a lending institution, using it to consolidate your debts into one monthly payment. Such loans have set payment schedules, and interest rates can be lower than those paid on your credit cards. Yet, this strategy can be risky, as it introduces a higher potential for nonpayment and default, which would impact your credit score. Furthermore, taking out a personal loan might affect your ability to take out future loans. Before choosing this option, make sure you can stay on top of your monthly payments.
- Debt snowball/debt avalanche strategies. These methods allow you to chip away at your debt by reducing all debt payments to the minimum amount, then tackling each creditor, one at a time. Using the debt snowball method focuses on paying off the lowest-balance amounts first. Meanwhile, the debt avalanche strategy puts your focus on the debt with the highest interest rates.
- Early mortgage payoff. You can pay off the debt on your home more quickly in a couple of ways. You could split your monthly mortgage payment in half and make biweekly payments. Or, you could pay a little more each month to chip away at the principal faster. If you choose this strategy, it’s important to check with your lender first to make sure you won’t face pre-payment penalties.
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