Thursday, September 24, 2009

States with Lowest and Highest Debt

According to financial scorecard published by CFED, the honor of having lowest credit card debt goes to Iowa, where average credit card debt is around $2,100. Iowa is followed closely by Mississippi, North Dakota, and South Dakota with the credit card debt just one or two hundred dollars more on average. Alaska has the highest credit card debt of $4,755 on average. The next states with the highest debt are Arizona and Nevada with around $3500 of credit card debt. The difference between highest credit card debt collector, Alaska, and second highest debt collector Arizona is more than $1000 (or roughly one quarter). The credit card debt included all debt from credit cards, private label cards and lines of credit. The detail ranking of credit card debt is given here.

The next category of debt, installment debt, paid in fixed monthly installments until the total amount is paid off such as vehicle loans and student loans. Mortgage debt was not included in the calculation. Wyoming tops the list of state with highest median installment debt around 18,000 closely followed by Alaska (again), and District of Columbia. Michigan has lowest amount of installment debt at around 12,000 followed by Wisconsin and Kentucky around $13,000. The installment debt ranking of state can be found here.

Surprisingly Alaska has lowest consumer bankruptcy filing with 1 in 1000 closely followed by Hawaii, and District of Columbia, Vermont, Wyoming, and South Dakota. The highest bankruptcy filing is in Tennessee where more than 6 in 1000 people file bankruptcy. It is followed by Alabama and Georgia with 5 in 1000 people fling for bankruptcy. 

Image. American Eagle Platinum Uncirculated $100 Coin (Source U.S. Mint)

No comments:

Post a Comment