Top 10 Debt by State Statistics
California has the highest state debt of $520 billion.
Wyoming is the least indebted US state at $2 billion.
Colorado has the highest average personal debt by state, equal to $89,170.
West Virginia has the highest percentage of medical debt in collections at 23.97%.
Millennials in the District of Columbia have the highest average total debt in the US at $76,833.
Mississippi had the highest mortgage delinquency rate of 3% in 2022.
Hawaii had the highest household debt-to-income ratio at 2.31% in Q1 of 2022.
74% of students in South Dakota are in debt.
The statute of limitations on all consumer debt collection in New York is three years.
By making additional payments of $250 per month, the entire state of Alabama would have no credit card debt within 17 months.
General Data on Debt Carried by State
The total US consumer debt in Q2 of 2023 hit $16.84 trillion.
This amount represents a 4.5% increase from Q2 2022, when the total consumer debt stood at $16.11 trillion. In turn, the period between Q2 2021 and Q2 2022 saw a higher increase of 7%.
As of December 2023, the total accumulated national debt is $33.89 trillion.
Of that, debt held by the government takes up $7.03 trillion, and debt held by the public represents $26.84 trillion.
California has the highest state debt of $520 billion.
According to the 2023 debt by state rankings, other US states with the largest debt are New York ($368 billion), Texas ($324 billion), Illinois ($159 billion), Florida ($131 billion), and Pennsylvania ($128).
Below are the top 10 indebted US states:
Rank | State | Debt (billions) |
|---|---|---|
1 | California | $520 |
2 | New York | $368 |
3 | Texas | $324 |
4 | Illinois | $159 |
5 | Florida | $131 |
6 | Pennsylvania | $128 |
7 | Massachusetts | $98 |
8 | Ohio | $93 |
9 | New Jersey | $92 |
10 | Washington | $90 |
Wyoming is the least indebted US state at $2 billion.
On the other side of the spectrum, the lowest carried debt by state was also recorded in Vermont ($5 billion), Montana ($6 billion), Idaho ($6 billion), and South Dakota ($7 billion).
A complete list of US states with the lowest debt is as follows:
Rank | State | Debt (billions) |
|---|---|---|
42 | New Hampshire | $10 |
43 | North Dakota | $10 |
44 | Alaska | $9 |
45 | Maine | $9 |
46 | Delaware | $8 |
47 | South Dakota | $7 |
48 | Idaho | $6 |
49 | Montana | $6 |
50 | Vermont | $5 |
51 | Wyoming | $2 |
Colorado had the highest average personal debt by state, equal to $89,170.
Data indicates that other high-ranking states are California at $84,730, Hawaii and Washington at $82,650 and $82,300, respectively, and Maryland at $80,130.
Below is a complete list of average debt per household, including auto loan, credit card, mortgage, and student loan debt.
State | Auto loan debt | Credit card debt | Mortgage debt | Student loan debt | Total debt |
|---|---|---|---|---|---|
Colorado | $5,410 | $3,940 | $69,750 | $6,280 | $89,170 |
California | $5,260 | $3,870 | $67,980 | $4,700 | $84,730 |
Hawaii | $4,130 | $4,260 | $64,110 | $3,910 | $82,650 |
Washington | $4,850 | $3,750 | $65,490 | $4,350 | $82,300 |
Maryland | $5,880 | $4,190 | $59,400 | $7,050 | $80,130 |
Utah | $6,040 | $3,340 | $61,120 | $4,220 | $79,240 |
Massachusetts | $4,150 | $3,770 | $56,370 | $6,360 | $74,260 |
Virginia | $5,380 | $3,960 | $55,310 | $6,210 | $74,110 |
Alabama | $5,660 | $4,430 | $50,310 | $3,910 | $67,670 |
Oregon | $4,530 | $3,240 | $50,320 | $5,770 | $66,950 |
New Jersey | $4,820 | $4,220 | $48,120 | $6,440 | $66,800 |
Nevada | $6,030 | $3,860 | $48,750 | $4,670 | $66,020 |
Arkansas | $6,040 | $3,530 | $47,820 | $5,420 | $65,600 |
Connecticut | $4,170 | $4,040 | $47,000 | $6,410 | $64,670 |
Idaho | $5,520 | $3,060 | $46,260 | $4,840 | $64,140 |
New Hampshire | $5,980 | $3,640 | $43,580 | $5,940 | $63,230 |
Minnesota | $4,570 | $3,410 | $45,080 | $6,310 | $62,240 |
Delaware | $5,600 | $3,590 | $43,030 | $6,440 | $61,490 |
Rhode Island | $4,530 | $3,540 | $41,260 | $5,550 | $58,580 |
Georgia | $6,360 | $3,630 | $36,680 | $7,690 | $57,570 |
Florida | $6,370 | $3,940 | $37,710 | $5,300 | $56,600 |
New York | $4,230 | $3,970 | $39,280 | $6,090 | $56,590 |
Montana | $4,760 | $3,210 | $39,020 | $4,810 | $55,440 |
North Carolina | $5,810 | $3,250 | $37,100 | $5,690 | $55,370 |
Texas | $7,610 | $3,650 | $34,800 | $5,330 | $54,290 |
South Carolina | $5,650 | $3,160 | $34,830 | $6,150 | $53,410 |
Wyoming | $5,420 | $3,260 | $37,330 | $3,640 | $52,900 |
Illinois | $4,740 | $3,490 | $35,850 | $6,050 | $52,580 |
North Dakota | $5,930 | $3,410 | $33,250 | $5,470 | $51,360 |
Vermont | $5,830 | $3,140 | $33,120 | $6,220 | $51,170 |
Tennessee | $5,490 | $2,860 | $33,830 | $5,350 | $51,160 |
South Dakota | $5,150 | $2,960 | $32,740 | $5,330 | $50,150 |
Maine | $5,410 | $2,950 | $32,310 | $5,530 | $49,740 |
Pennsylvania | $4,780 | $3,330 | $30,170 | $6,540 | $48,300 |
Nebraska | $4,820 | $3,050 | $31,830 | $5,200 | $47,580 |
Wisconsin | $4,410 | $2,820 | $31,820 | $4,950 | $46,790 |
New Mexico | $6,310 | $2,870 | $30,610 | $4,100 | $46,710 |
Missouri | $4,870 | $2,890 | $29,750 | $5,610 | $45,910 |
Indiana | $5,150 | $2,780 | $29,510 | $5,180 | $45,860 |
Louisiana | $6,710 | $2,880 | $27,030 | $5,940 | $45,830 |
Iowa | $5,030 | $2,760 | $30,000 | $5,210 | $45,720 |
Michigan | $4,780 | $2,980 | $28,920 | $6,070 | $45,620 |
Alaska | $5,900 | $2,690 | $26,840 | $5,480 | $44,440 |
Ohio | $5,180 | $2,970 | $26,760 | $6,320 | $44,210 |
Kansas | $4,580 | $3,020 | $27,990 | $5,600 | $43,440 |
Kentucky | $4,700 | $2,590 | $24,500 | $5,190 | $40,290 |
Oklahoma | $6,000 | $2,830 | $23,730 | $4,690 | $39,830 |
Arizona | $5,980 | $2,670 | $22,810 | $4,920 | $39,150 |
Mississippi | $5,990 | $2,450 | $19,650 | $6,160 | $38,130 |
West Virginia | $5,840 | $2,540 | $18,640 | $4,590 | $34,210 |
The five US states with the lowest average personal debt were Kentucky ($40,290), Oklahoma ($39,830), Arizona ($39,150), Mississippi ($38,130), and West Virginia ($34,210).
US State Debt by Debt Type
The average auto loan debt in Texas is $7,610.
In addition to having the highest average auto loan debt by state, Texas's total auto loan debt stands at over $1.5 million. The average monthly installment is $729 for new vehicles and $528 for used ones.
More than 100 million Texans have outstanding car loans, and currently, one in four commits to paying monthly auto loan installments totaling over $1,000.
As of January 2024, Alabama has the highest average credit card debt by state at $4,430.
Compared to credit card debt reports from 2022, Alaska ranked fifth among the countries with the lowest credit card debt at $2,690. A close second on this list is Hawaii at $4,260, followed by New Jersey at $4,220.
Colorado is the highest ranked state for mortgage debt at $69,750.
This figure puts the debt to income ratio in the state at a high of 1.84%.
Hawaii ranks fourth among the states with the highest average mortgage debt by state of $64,110.
In addition to California and Washington, Hawaii tops the list of US states with the highest average monthly mortgage of the three at $2,584. This is almost double the US average of $1,672.
West Virginia has the highest percentage of medical debt in collections at 23.97%.
According to a 2023 analysis of medical debt by state, West Virginia’s median medical debt in collections is $553. Ranking second is South Carolina, with a 22.26% share and a median medical debt of $860, and Oklahoma, at a 21.46% share and $893 median debt amount — the highest among the top 10 states with a high share of medical debt in collections.
Average debt for all age groups has seen an overall decrease since 2010.
Federal reserve figures show average debt has decreased for the under-35s from $54,000 to $42,000, and the 35-40 age range from $147,000 to $140,000. Whilst showing a positive trend, this is likely in part a result of fewer people within the younger generation getting on the property ladder.
Consumer Debt by State
Millennials in the District of Columbia have the highest average total debt in the US at $76,833.
Gen X residents of D.C. are even more burdened with an average total debt of $96,217. On the other hand, Alaskan Gen Y residents have the highest total average of $23,116.
Mississippi had the highest mortgage delinquency rate of 3% in 2022.
As of December 2022, data on unpaid mortgage debt per household by state revealed that Mississippi was the top US state with mortgage loans overdue from 30 to 89 days.
Considering that the national average was 1.4%, the states with the lowest delinquency rates were Oregon, Washington, and Wisconsin.
Hawaii, Maryland and Idaho had the highest household debt-to-income ratio at 2.06% in Q1 of 2024.
Looking at the debt-to-income ratio by state for 2024, Hawaii, Maryland and Idaho were the only states with a ratio exceeding 2%, indicating that households in these states owed double their annual income in debt. Maryland is a new addition to the list of the last year.
Conversely, the lowest debt-to-income ratio was observed in New York (0.4%).
74% of students in South Dakota are in debt.
Student debt statistics by state reveal that this percentage is the highest across the US, shared only with New Hampshire.
Moreover, the average debt for a Bachelor’s degree student from South Dakota is $31,653, versus the national average of $34,700.
The statute of limitations on all consumer debt collection in New York is three years.
When comparing the statute of limitations on debt collection by state, the District of Columbia and South Carolina also have a three-year statute of limitations for debt elimination.
Meanwhile, the statute of limitations in Pennsylvania and Texas is four years, and seven countries share a six-year statute of limitations — Maine, Massachusetts, Minnesota, Michigan, North & South Dakota, and Oregon.
If the top 8 states by credit card debt paid an additional $50 per month - they would still pay almost the value of the debt in interest before it's paid off.
The average credit card debt in Alabama is $4,430, making a minimum payment, plus a payment on top of $50 per month would mean it still takes 89 months and $4,000 in interest to pay off the card.
Hawaii would be $3,000 in interest on an average debt of $4,260 and New Jersey would pay around the same on average credit card debts of $4,220.
Key Takeaways
Regarding debt management, the West Coast got the short end of the stick, as statistics on personal debt by state show that Colorado, California, Hawaii, and Washington are struggling with high overall debt rates. California also leads the way as the state with the highest student loan debts, while Alaskans are guilty of the highest credit card balances.
While debt management will primarily be dictated by economic changes and policymakers' decisions, numerous relief programs aimed at student loan forgiveness and mortgage assistance will significantly alleviate the financial burden upon US households.
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