Monday, June 20, 2005

Consumer Debt, By State

MSN Money: "Where the Big Borrowers Live"

And the interactive map:

Consumer Debt By State and Age: Interactive Map

So not only is the cost of living wonderfully low in Oklahoma, we tend to not gorge ourselves on consumer debt as much as the next guy. Or so the credit agencies say.

— Posted by Michael @ 10:46 AM


I'm from Iowa. Rank: 46. ;-)

But I currently live in Michigan. Rank: 21 :-(


I'm from wyoming....24. And you'd think that they'd get smarter with age, but the older population has more debt.

Anonymous Anonymous
, at 6:23 PM, June 20, 2005  

Amazing. I live in a state (Washington) that isn't doing so well. I would guess it has to do with the cost of living. People will do just about anything to maintain a quality of life that they think they deserve. I certainly know a lot of people like this.



I wonder if there's a correlation to home prices? I have $68K left on my mortgage, so I would have a heard time rationalizing a $15,000 credit card bill, but if I had a $300,000 house in CA, $15,000 wouldn't seem so big...


I'm from Maryland. Rank: 11 I have about $3000 in credit card debt and I still owe about $5500 on a vehicle. The average person my age in MD owes over $16000. It sure feels good to have the Joneses leave you in the dust.

Anonymous Anonymous
, at 11:58 AM, June 24, 2005  

I suspect the correlation to home prices has merit. High-home-price areas tend to be more expensive, anyway, so the cost-of-living for those locales probably has a direct affect on the bottom-line debt of the residents there.


I'm in Mass (#4) and surrounded by the top But this is my first full month of debt free living and I itend on making it last. $18k avg for folks in my age group...holy cow. But in the Boston area just feels intensely expensive, I have what I consider to be a generous salary and I live modestly IMO and there's not a lot left over for saving and investing. I suppose it's all relative but I guess the mass figures make me feel like I have accomplished something for myself.

** Comments Closed on this Post **

Thoughts on my personal finances, goals, experiences, motivations, and accomplishments (or lack thereof).

My financial life began turning around when I took responsibility for it.
— Dave Ramsey


Start (2005-12): ~$21,900
Currently: $0
[About Our Debt Paydown]


Savings Goal: $15,000
Currently: ~$15,115
[About Our Liquid Savings Goal]