If You Live in This State, You’re Doomed to Live a Life of Debt
If you’ve ever wondered how your finances compare to the average person in your state as well as residents of other states, you’re in luck. A new study by Credible shows where people are best (and worst) at managing credit, student loan debt, and housing costs.
Are you doomed to live a life of debt? Well, you’re about to find out. Here are the worst states for managing debt.
15. California

Californians pay nearly $400 a month on their student loans. | Pablo_K/iStock/Getty Images
- Overall score: 57.15 out of a possible 100
Californians make an average monthly credit card payment of $208. Monthly student loan payments are also quite hefty, with an average of $372. When it comes to housing, residents pay a monthly average of $1,198. The average monthly debt-to-income ratio for Californians is 29.93%. Average annual income is roughly $71,277. When it comes to managing debt, California received an overall score of 57.15.
Next: These residents have high average monthly student loan payments.
14. South Dakota

The average credit card payment in South Dakota is $201. | iStock.com/wellesenterprises
- Overall score: 53.75 out of a possible 100
South Dakota residents make an average monthly credit card payment of $201. Monthly student loan payments are an average of $351. When it comes to housing, residents pay a monthly average of $771. The average monthly debt-to-income ratio for residents is 30.30%. Average annual income is roughly $52,390. When it comes to managing debt, South Dakota received an overall score of 53.75.
Next: The Gem state isn’t such a gem when it comes to debt management.
13. Idaho

The debt-to-income ratio in Idaho is 30.37%. | Bret-Barton/iStock/Getty Images
- Overall score: 53.12 out of a possible 100
Idaho residents make an average monthly credit card payment of $207. Monthly student loan payments are an average of $356. When it comes to housing, residents pay a monthly average of $858. The average monthly debt-to-income ratio for residents is 30.37%. Average annual income is roughly $56,143. When it comes to managing debt, Idaho received an overall score of 53.12.
Next: This state has the lowest average annual income on the list.
12. North Dakota

Having a low income makes managing debt a challenge. | csfotoimages/iStock/Getty Images
- Overall score: 51.93 out of a possible 100
North Dakota residents make an average monthly credit card payment of $190. Monthly student loan payments are an average of $312. When it comes to housing, residents pay a monthly average of $727. The average monthly debt-to-income ratio for residents is 30.50%. Average annual income is roughly $48,351. When it comes to managing debt, North Dakota received an overall score of 51.93.
Next: This state is halfway there, but not quite making it.
11. Wyoming

The average Wyoming resident pays $195 on their credit card every month. | Karen Bleier/AFP/Getty Images
- Overall score: 50.05 out of a possible 100
Wyoming residents make an average monthly credit card payment of $195. Monthly student loan payments are an average of $308. When it comes to housing, residents pay a monthly average of $894. The average monthly debt-to-income ratio for residents is 30.71%. Average annual income is roughly $54,594. When it comes to managing debt, Wyoming received an overall score of 50.05.
Next: This state isn’t seeing much sunshine when it comes to finances.
10. Florida

Floridians have an average student loan payment of $330. | Ivan Curra/Wikimedia Commons
- Overall score: 49.93 out of a possible 100
Florida residents make an average monthly credit card payment of $208. Monthly student loan payments are an average of $330. When it comes to housing, residents pay a monthly average of $893. The average monthly debt-to-income ratio for residents is 30.72%. Average annual income is roughly $55,899. When it comes to managing debt, Florida received an overall score of 49.93.
Next: These residents have the highest average monthly student loan payment on this list.
9. Maine

Student loan payments in Maine average more than $450 a month. | Andrew Caballero-Reynolds/AFP/Getty Images
- Overall score: 49.37 out of a possible 100
Maine residents make an average monthly credit card payment of $194. Monthly student loan payments are an average of $451. When it comes to housing, residents pay a monthly average of $767. The average monthly debt-to-income ratio for residents is 30.78%. Average annual income is roughly $55,047. When it comes to managing debt, Maine received an overall score of 49.37.
Next: Student loan payments are roughly half of housing payments for people in this state.
8. Vermont

Many people in Vermont are burdened by high student loan payments. | Stan Honda/AFP/Getty Images
- Overall score: 47.1 out of a possible 100
Vermont residents make an average monthly credit card payment of $184. Monthly student loan payments are an average of $412. When it comes to housing, residents pay a monthly average of $810. The average monthly debt-to-income ratio for residents is 31.03%. Average annual income is roughly $54,377. When it comes to managing debt, Vermont received an overall score of 47.1.
Next: Residents of this state are burdened with high housing costs.
7. Alaska

Alaskans have an average monthly credit card payment of $216. | Mbarrettimages/iStock/Getty Images
- Overall score: 44.64 out of a possible 100
Alaska residents make an average monthly credit card payment of $216. Monthly student loan payments are an average of $443. When it comes to housing, residents pay a monthly average of $1,018. The average monthly debt-to-income ratio for residents is 31.30%. Average annual income is roughly $64,304. When it comes to managing debt, Alaska received an overall score of 44.64.
Next: They say this state is for lovers, but residents are probably not loving their debt situation.
6. Virginia

The debt-to-income ratio in Virginia is 31.35%. | iStock.com/SeanPavonePhoto
- Overall score: 44.17 out of a possible 100
Virginia residents make an average monthly credit card payment of $216. Monthly student loan payments are an average of $369. When it comes to housing, residents pay a monthly average of $1,031. The average monthly debt-to-income ratio for residents is 31.35%. Average annual income is roughly $61,863. When it comes to managing debt, Virginia received an overall score of 44.17.
Next: Residents of the Treasure State could use more treasures in their bank accounts.
5. Montana

The average student loan payment in Montana is $354. | wellesenterprises/iStock/Getty Images
- Overall score: 37.61 out of a possible 100
Montana residents make an average monthly credit card payment of $188. Monthly student loan payments are an average of $354. When it comes to housing, residents pay a monthly average of $863. The average monthly debt-to-income ratio for residents is 32.06%. Average annual income is roughly $52,587. When it comes to managing debt, Montana received an overall score of 37.61.
Next: Residents of this state are dreaming of better finances.
4. Oregon

People in Oregon pay almost $200 every month on their credit cards. | Craig Mitchelldyer/Getty Images
- Overall score: 36.19 out of a possible 100
Oregon residents make an average monthly credit card payment of $195. Monthly student loan payments are an average of $393. When it comes to housing, residents pay a monthly average of $973. The average monthly debt-to-income ratio for residents is 32.21%. Average annual income is roughly $58,147. When it comes to managing debt, Oregon received an overall score of 36.19.
Next: High student loans and high cost of living is likely holding these residents back.
3. Colorado

Colorado is one of the worst states in America for debt. | welcomia/iStock/Getty Images
- Overall score: 36.15 out of a possible 100
Colorado residents make an average monthly credit card payment of $215. Monthly student loan payments are an average of $378. When it comes to housing, residents pay a monthly average of $1,076. The average monthly debt-to-income ratio for residents is 32.22%. Average annual income is roughly $62,161. When it comes to managing debt, Colorado received an overall score of 36.15.
Next: Residents of this state had one of the highest average monthly credit card payments.
2. Washington

The average student loan payment in Washington state is nearly $400 a month. | Seastock/iStock/Getty Images
- Overall score: 34.45 out of a possible 100
Washington residents make an average monthly credit card payment of $221. Monthly student loan payments are an average of $385. When it comes to housing, residents pay a monthly average of $1,096. The average monthly debt-to-income ratio for residents is 32.40%. Average annual income is roughly $63,028. When it comes to managing debt, Washington received an overall score of 34.45.
Next: This state had the worst possible score.
1. Hawaii

Hawaii is the worst state in the U.S. for debt. | Mike Ehrmann/Getty Images
- Overall score: 0 out of a possible 100
Hawaii residents make an average monthly credit card payment of $238. Monthly student loan payments are an average of $385. When it comes to housing, residents pay a monthly average of $1,091. The average monthly debt-to-income ratio for residents is 36.15%. Average annual incomes are roughly $56,889. When it comes to managing debt, Hawaii received an overall score of 0.
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