Debt in America: Most & Least Indebted States
From CBS MoneyWatch (excerpt)
Residents of California and Hawaii are the most indebted individuals in America, but they’re also among a group that are making the most progress in paying down the amount they owe, according to a MoneyWatch analysis of state-by-state debt statistics.
Overall, debt — and particularly credit card debt — is dropping appreciably as the country is swept by two complimentary trends: a new commitment to fiscal responsibility and lending restrictions that are generally keeping credit out of the hands of people who aren’t committed to using debt responsibly….
10 Most Indebted States (averages exclude student loans)
State………………………Average debt…………% change
- California……………$336,169…………………-4%
- Hawaii………………..$321,258………………..-7%
- Maryland…………….$263,524…………………-0%
- New Jersey………….$257,462…………………-1%
- Washington………..$243,758…………………-2%
- Massachusetts……$242,111…………………-0%
- Virginia……………..$239,186………………..-1%
- Connecticut……….$229,684…………………-3%
- Colorado……………$219,899………………..-1%
- Nevada…………….$218,010………………..-7%
10 Least Indebted States (averages, excluding student debt)
- Oklahoma…………$126,027……………….-3%
- West Virginia…….$127,535……………….-1%
- Arkansas………….$128,460……………….-0%
- Mississippi……….$129,792………………-2%
- Indiana…………….$132,618………………-3%
- Kansas…………….$133,606………………-2%
- North Dakota……$133,823………………+0%
- Kentucky………….$136,441……………..-1%
- Iowa………………..$139,415……………..+0%
- Nebraska……….$139,527………………-1%
States with the biggest debt declines
- Hawaii……………$321,258…………..-7%
- Nevada…………..$218,010………….-7%
- Florida……………$185,518………….-6%
- Utah………………$200,878………….-5%
- California……….$336,169………….-4%
- Alaska…………..$211,970………….-4%
- New York………$201,838…………-4%
- Michigan……….$144,143…………-4%
- Missouri………..$142,174…………-4%
- Connecticut….$229,684………..-3%
To see where consumers have made the most progress on different types of debt, see our related stories:
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