Balances have risen to a high of $12.84 trillionNew research from gobankingrates.com, a leading portal for personal finance news and features, offering visitors the latest information on everything from interest rates to strategies on saving money and getting out of debt.
LOS ANGELES, Oct. 23, 2017 /PRNewswire/ — Americans’ average debt amount in 2017 is $140,113, a new study found.
Personal finance website GOBankingRates surveyed over 2,500 adults across the U.S. to find how much debt the average American has.
GOBankingRates asked the following six questions:
-How much debt do you currently have?
-How much mortgage debt do you currently have?
-How much credit card debt do you currently have?
-How much student loan debt do you currently have?
-How much auto loan debt do you currently have?
-How much medical debt do you currently have?
The survey found that the percentage of debt varies greatly depending on the type of debt, as well as age and gender.
Most Common Type of Debt in America
- Mortgage Debt: 65 percent of Americans
Least Common Type of Debt in America
- Medical Debt: 21 percent
For full study results and more details on methodology, visit: Here’s How Much Debt Americans Have in 2017.
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
Additional Study Insights
- The two states with the highest percentage of credit card debt are Hawaii and Maine (where 75 percent of people have debt).
- Men have three times as much debt as women do.
- Older Gen Xers have the most debt, at $130,656.
GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.