If You Live in This State, You’re Doomed to Live a Life of Debt

Published on

February 13, 2018

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 sun hits the tips of the Grand Tetons October 5, 2012 in the Grand Teton National Park in Wyoming. Grand Teton National Park is located in northwestern Wyoming. Approximately 310,000 acres (130,000 ha) in size, the park includes the major peaks of the 40-mile (64 km) long Teton Range as well as most of the northern sections of the valley known as Jackson Hole. Photo by Karen Bleier/AFP/Getty Images

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

Byers Lake, Alaska, with a view of Denali

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

Fremont Bridge Seattle Lake Washington Ship Canal Magnolia Neighborhood Aerial

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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