The Facts About America’s Debt Problem

House Republicans Said to Drop Two Demands On Debt Limit

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

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