Map Options

Color Scheme:
Map Type:
Download SVG:
map placeholder
Colorado
$89,170
California
$84,730
Hawaii
$82,650
Washington
$82,300
Maryland
$80,130
Utah
$79,240
Massachusetts
$74,260
Virginia
$74,110
Alabama
$67,670
Oregon
$66,950
New Jersey
$66,800
Nevada
$66,020
Arkansas
$65,600
Connecticut
$64,670
Idaho
$64,140
New Hampshire
$63,230
Minnesota
$62,240
Delaware
$61,490
Rhode Island
$58,580
Georgia
$57,570
Florida
$56,600
New York
$56,590
Montana
$55,440
North Carolina
$55,370
Texas
$54,290
South Carolina
$53,410
Wyoming
$52,900
Illinois
$52,580
North Dakota
$51,360
Vermont
$51,170
Tennessee
$51,160
South Dakota
$50,150
Maine
$49,740
Pennsylvania
$48,300
Nebraska
$47,580
Wisconsin
$46,790
New Mexico
$46,710
Missouri
$45,910
Indiana
$45,860
Louisiana
$45,830
Iowa
$45,720
Michigan
$45,620
Alaska
$44,440
Ohio
$44,210
Kansas
$43,440
Kentucky
$40,290
Oklahoma
$39,830
Arizona
$39,150
Mississippi
$38,130
West Virginia
$34,210

Debt by State 2024

Debt by State 2024

Debt is when money is owed by one party (the borrower or debtor) to a second party (the lender or creditor). Debt is a deferred payment or series of payments owed in the future, which differentiates debt from immediate purchases. Debt can either be a useful financial tool or an overwhelming burden depending on the type of debt and how well the borrower handles making payments.

Debt has terms that include interest, repayment, and default provisions. Interest is the fee paid by the borrower to the lender. The interest rate is calculated as a percentage of the outstanding principal. Interest rates can be fixed or floating, where the rate changes depending on inflation, and interest rates can compound at specific intervals during repayment periods.

State
Average Personal Debt
Colorado$89,170
California$84,730
Hawaii$82,650
Washington$82,300
Maryland$80,130
Utah$79,240
Massachusetts$74,260
Virginia$74,110
Alabama$67,670
Oregon$66,950

Repayment can be made in three ways: 1) the entire principal balance may be due at the maturity of the loan; 2) the entire principal balance may be spread out over several payments over the term of the loan, or 3) the loan may be partially paid out over several payments during its term, with the remaining balance due as a "balloon payment" at its maturity. Default provisions are put in place by the creditor in case the debtor fails to meet the legal obligations of the loan. This includes repossession of a house, car, or other possessions if the debt was secured by specific collateral.

The average American household has approximately $137,000 in debt. This debt is made up of credit cards, auto loans, student loans, and mortgages. With the increase in the cost of living and the median income at approximately $65,712, debt is becoming a growing issue for most Americans. Most people will find themselves paying off debt for decades or even the rest of their lives.

In addition to personal debts, the total debt by U.S. states has also increased over the years and differs from state to state. States borrow money for education, defense, health care, and welfare expenses and cover budget gaps, unfunded pension commitments, and outstanding bonds. Debts have increased in the states due to spending habits or a decrease in income from taxes and other sources.

States with the Most Debt

1. New York

New York has the highest debt of any state, with total debt of over $203.77 billion. New York's total assets are around $106.61 billion, giving the state a debt ratio of 273.8%. The main culprit for New York's towering debt is overspending on Medicaid. New York has attempted to fill budget gaps by cutting school aid and health care costs in recent years.

2. New Jersey

New Jersey has the second-highest amount of debt in the country. The state's total liabilities total $222.27 billion, surpassing its assets by $198.67 billion. New Jersey's debt ratio is 441.7%. The largest source of debt is the state's unfunded pension and benefits system for public employees. New Jersey legislators are looking toward tax increases because of the state's debt and the growing pressure to fund other priorities such as infrastructure and education.

3. Illinois

Illinois has the third-highest debt in the U.S., with total liabilities equaling $248.67. With total assets of $53.05 billion, Illinois has $187.7 billion in unfunded liability. This creates a debt ratio of 468.7%, the largest in the U.S. To pay that off, every person in Illinois's 12.7 million population would need to pay $14,780. Like New Jersey, the biggest problem in Illinois contributing to the debt is billions of dollars for retired government workers' pensions and health insurance benefits.

4. Massachusetts

Massachusetts has the fourth-highest debt in the United States. Massachusetts's total liabilities are $104.53 billion, and its total assets are $34.214 billion, creating a debt of $68.43 billion. Long-term liabilities are at 305.5% of total assets. Massachusetts's largest sources of debt are infrastructure and pensions.

5. California

California has the fifth-highest debt of any state, with total liabilities coming out to $362.87 billion. Total assets come out to $301.1 billion, creating a $55.96 billion net debt and giving California a debt ratio of 120.5%. California's debt and liabilities can be broken down into three categories: retirement liabilities, budgetary borrowing, and bond debt. However, combining California's federal, state, and local debt brings California's debt total to over $1 trillion. According to this report, the debt would cost each resident of California $33,000 or each taxpayer $74,000.

States with the Least Debt

1. Texas

Texas has the lowest debt of any state in the U.S. Texas's total liabilities add up to $222.64 billion, and its total assets add up to $356.01 billion, giving Texas the highest net position in the country of $115.08 billion. Texas's debt ratio is 62.5%

2. Florida

Florida's debt is the second-lowest in the country. With total liabilities coming out to $66.78 billion and total assets coming out to $163.24 billion, Florida's net position is $97.6 billion. This means that Florida's debt ratio is 40.9%. While Floridas debt has decreased in recent years, it is expected to increase over the next two years.

3. Alaska

Alaska has the third-lowest debt and the third-highest net position of $76.74 billion. Alaska's total liabilities add up to $12.65 billion, and its total assets add up to $89.17 billion. Although Alaska does not have a state income tax, its revenue is well-supplied by taxes on oil and gas production.

4. North Carolina

North Carolina's net position is $54.41 billion, making it the fourth-highest net position in the U.S. North Carolina's assets are $78.67 billion higher. Its total liabilities are $23.62 billion, giving a debt ratio of 30%.

5. Tennessee

Tennessee has the fifth-lowest debt in the U.S., having $8.04 billion in total liabilities and $46.54 billion in total assets, resulting in a net position of $39.3 billion and a debt ratio of 17.3%. Tennessee is one of the most tax-friendly states in the country and will have no state income tax by 2021. While remaining low-debt and low-tax, Tennessee has managed to triple its Rainy Day Fund and provide tax cuts to its residents, including a 30% decrease in-state sales tax on groceries.

Debt by State 2024

Notes:
- Values display average personal debt held by each state's individual residents. Debts incurred and held by state governments are neither considered nor included.

Download Table Data

Enter your email below, and you'll receive this table's data in your inbox momentarily.

State
Average Personal Debt
Debt-to-Income Ratio Low
Debt-to-Income Ratio High
Average Auto Debt
Average Credit Card Debt
Average Mortgage Debt
Average Student Loan Debt
Colorado$89,1701.721.84$5,410$3,940$69,750$6,280
California$84,7301.601.72$5,260$3,870$67,980$4,700
Hawaii$82,6502.062.06$4,130$4,260$64,110$3,910
Washington$82,3001.601.72$4,850$3,750$65,490$4,350
Maryland$80,1301.842.06$5,880$4,190$59,400$7,050
Utah$79,2401.721.84$6,040$3,340$61,120$4,220
Massachusetts$74,2601.241.32$4,150$3,770$56,370$6,360
Virginia$74,1101.721.84$5,380$3,960$55,310$6,210
Alabama$67,6701.321.40$5,660$4,430$50,310$3,910
Oregon$66,9501.721.84$4,530$3,240$50,320$5,770
New Jersey$66,8001.501.60$4,820$4,220$48,120$6,440
Nevada$66,0201.721.84$6,030$3,860$48,750$4,670
Arkansas$65,6001.241.32$6,040$3,530$47,820$5,420
Connecticut$64,6701.321.40$4,170$4,040$47,000$6,410
Idaho$64,1402.062.06$5,520$3,060$46,260$4,840
New Hampshire$63,2301.501.60$5,980$3,640$43,580$5,940
Minnesota$62,2401.241.32$4,570$3,410$45,080$6,310
Delaware$61,4901.501.60$5,600$3,590$43,030$6,440
Rhode Island$58,5801.601.72$4,530$3,540$41,260$5,550
Georgia$57,5701.401.50$6,360$3,630$36,680$7,690
Florida$56,6001.601.72$6,370$3,940$37,710$5,300
New York$56,5900.401.11$4,230$3,970$39,280$6,090
Montana$55,4401.721.84$4,760$3,210$39,020$4,810
North Carolina$55,3701.501.60$5,810$3,250$37,100$5,690
Texas$54,2901.241.32$7,610$3,650$34,800$5,330
South Carolina$53,4101.721.84$5,650$3,160$34,830$6,150
Wyoming$52,9001.501.60$5,420$3,260$37,330$3,640
Illinois$52,5801.111.24$4,740$3,490$35,850$6,050
North Dakota$51,3601.111.24$5,930$3,410$33,250$5,470
Vermont$51,1701.321.40$5,830$3,140$33,120$6,220
Tennessee$51,1601.321.40$5,490$2,860$33,830$5,350
South Dakota$50,1501.241.32$5,150$2,960$32,740$5,330
Maine$49,7401.601.72$5,410$2,950$32,310$5,530
Pennsylvania$48,3001.111.24$4,780$3,330$30,170$6,540
Nebraska$47,5801.111.24$4,820$3,050$31,830$5,200
Wisconsin$46,7901.111.24$4,410$2,820$31,820$4,950
New Mexico$46,7101.501.60$6,310$2,870$30,610$4,100
Missouri$45,9101.241.32$4,870$2,890$29,750$5,610
Indiana$45,8601.111.24$5,150$2,780$29,510$5,180
Louisiana$45,8301.401.50$6,710$2,880$27,030$5,940
Iowa$45,7201.111.24$5,030$2,760$30,000$5,210
Michigan$45,6201.111.24$4,780$2,980$28,920$6,070
Alaska$44,4401.601.72$5,900$2,690$26,840$5,480
Ohio$44,2101.111.24$5,180$2,970$26,760$6,320
Kansas$43,4401.111.24$4,580$3,020$27,990$5,600
Kentucky$40,2901.111.24$4,700$2,590$24,500$5,190
Oklahoma$39,8301.241.32$6,000$2,830$23,730$4,690
Arizona$39,1501.721.84$5,980$2,670$22,810$4,920
Mississippi$38,1301.401.50$5,990$2,450$19,650$6,160
West Virginia$34,2101.241.32$5,840$2,540$18,640$4,590
showing: 50 rows

Debt by State 2024

Sources