But it’s not so much where you live that matters, it’s how you live. How to Choose the Best Debt Management Plan for You, What to Do If You Are Sued For Credit Card Debt. The key metric in determining what is an affordable amount of debt for someone to take on is typically their debt-to-income ratio. In the U.S., as of 2016, the average student loan debt per capita is $4,920. Two leading indicators of financial strife are bankruptcies and credit card debt. Retrieved from https://www.missourieconomy.org/indicators/cost_of_living/, (Frolich, T. and Kent, A. 1. Auto loan debt. On average Oregonians make less than many other states in the top 10. For example, all borrowings by the Confederate States of America were left unpaid after the American Civil War. Also included are the GSP and population growth tables as well as a comparison table showing the surplus/deficit between state final demand (SFD) and GSP for the same financial year.All the data was taken from the Australian Bureau of Statistics website. If you’ve been paying attention, you just noticed something odd. Download Data Related Metrics. At low end are Mississippi ($39,680), with five more Southern states in the lowest 10 of median income. The capital also has the lowest percent of debt in the country tied up in auto loans (3.35%), probably due to the accessible public transportation available in the area. For our viz we use a radial chart comparing the overall total debt level for each state, with the totals broken down by subcategory. The Five States with the Highest Debt per Capita. All … Total government debt as percent of GDP. The best performer: San Francisco State, where students graduated with an average of only $6,069 in debt in 2018. All that higher education may be paying off though. People in less-expensive states carry less debt because they default and file for bankruptcy. If all these statistics have your head spinning, let’s return to Mike. The 10 States with the Most and Least Student Debt. State and local debt can be broken out into short-term and long-term debt. He lives in Jackson, Miss., dropped out of high school and hates the mere thought of marriage. About 5.45% of per capita debt is tied up in credit card debt. Today’s map looks at state and local government debt. Summary: Been sued for a debt but you think the statue of limitations has expired? If you have an account that went into collections in one state, then you moved to another, first check your contract with … Credit Counseling Success Stories, Surviving a Husband’s Death and the Aftermath of Debt, Debt Free After 40 Years Of Credit Card Debt, After Paying Off $65,900 on Credit Cards, He’s on Pay-As-You-Go Plan, How I Paid Off $30,000 In Credit Card Debt, How to Tell Your Wife You are $40,000 in Debt, How Ron Hart Paid Off $29,000 in Credit Card Debt, How this Single Mom Paid off $18,000 with InCharge, How I Paid off $10K & Raised My Credit Score Above 700, How My Family Stopped the Debt Cycle: We Paid off $35,000 in 4 years, She Paid Off 17 Credit Cards … And $21,000, Free Debt & Credit Consolidation Programs, Nonprofit Debt Consolidation & Debt Management. If only the minimum 2% payment is made each month, the amount of interest on top of the original debt would be $13,249. Virginia comes in third with a debt-to-income ratio just below 2. All debt is not created equal. FDCPA Violations. Utah residents have $52,150 in per capita debt, $38,240 of which is mortgage debt. How Much Student Debt Does Each State Hold? Washingtonians also tend to be some of the most responsible holders of debt in the country. Highest Average and Lowest Average Student Loan Debt By State. Only 1.27% of mortgage debt in Virginia is delinquent by at least 90 days. Federal debt held by public as percent of GDP. Debt may include any financial obligations a state has that have not been paid, such as bonds issued by state governments, money borrowed by a state government that has not been repaid, or post-retirement benefits promised to state employees. In terms of debt, Maryland residents have $67,020 in per capita debt, meaning their debt-to-income ratio is 1.84. Percent of federal debt held by public that is foreign-owned. This limits how much money the federal government may borrow. Other states in the bottom five are Minnesota at fourth-lowest debt load, down from third-lowest last year, and Utah at fifth lowest, dropping from fourth lowest last year. An oral agreement is a debt made based on a verbal agreement to pay back the money. California has the highest debt-to-income ratio in the country. 1. The highest concentration of credit-card debt is along the Eastern seaboard, with Virginia, Maryland, Connecticut, New York, Delaware and New Jersey all in the top 10. The state or region where people hold the most debt is Washington, D.C. — while the state with the lowest debt is West Virginia. The debt is a stock variable, measured at a specific point in time, and it is the accumulation of all prior deficits. State-Level Debt-to-Income Ratio, 1999 - 2020 These maps illustrate the evolution of the median household debt-to-income ratio by state over time. FAQs. So how could they make more of it? 2019. Plus, U.S. credit card debt hit a record high of $930 billion in the final quarter of 2019, according to the latest data from the Federal Reserve Bank of New York. Statutes of limitations are laws that govern the deadlines on certain legal actions. He is a composite figure that represents the decisions that lead to financial strife. On a per capita basis, Alaska is the state with the highest unfunded pension liabilities at nearly $40. The latest ranking of states' fiscal condition offers an unequivocal answer of who runs the worst-run states. © 2000-2021 InCharge Debt Solutions. Written contracts, oral contracts, debt on accounts and promissory notes all have different limitations. Washington, Oregon’s northwest neighbor, comes in eighth for highest debt-to-income ratio. Paying the minimum amount keeps consumers in debt for years and racks up thousands of dollars in interest. State and local debt in the U.S. as a percentage of GDP in 2017, by state. Study after study has shown married people are better off financially than those who are unmarried. The Southeast dominates bankruptcies even more than it rules college football. 47/50 Government debt, also known as public interest, public debt, national debt and sovereign debt, contrasts to the annual government budget deficit, which is a flow variable that equals the difference between government receipts and spending in a single year. Washington, DC: $418,555; California: $363,537; Hawaii: $344,819; Washington: $262,641; Colorado: $258,026; Maryland: $252,583; Massachusetts: … Here is the average debt by type for residents of each US state, according to Federal Reserve Board of New York data from 2019. But don’t be mistaken—you aren’t off the hook for a debt just because the statute of limitations has passed.