The Facts About America’s Debt Problem

We’re always hearing about how so many Americans are having trouble getting out of debt, and a new survey reveals what most went into debt for and how much they're struggling to pay off. 

A new poll by GoBankingRates finds that average amount of debt of all people polled, including those without debt, is $63,000. But when you look at only respondents with debt, the average total amount owed goes up to $140,113. Mortgage debt is what’s plaguing most Americans, with 65% of the country having mortgage debt, with the most common amount owed being between $150,000 to $200,000.

Other common types of debt include

  • credit cards (50%)
  • auto loans (32%)
  • student loans (25%)
  • medical expenses (21%)

Of course, there are folks in some states who are drowning in debt more than others. Overall, Hawaii is the state with highest average debt, at about $869,250, while folks in Washington, DC carry the least debt, only about $1,611.

Top 5 States With the Highest Average Debt

  1. Hawaii: $869,250
  2. Maryland: $284,851
  3. Texas: $185,583
  4. Oklahoma: $174,838
  5. Indiana: $166,844

Top 5 States With the Lowest Average Debt

  1. Washington, D.C.: $1,611
  2. Arkansas: $2,286
  3. Louisiana: $6,139
  4. South Dakota: $6,738
  5. Nebraska: $8,426

Source: GoBankingRates

Adam Gubernath

Adam Gubernath

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