The State of Debt: 2016
Politics can be a divisive topic, where issues and events can polarize the population into opposite sides of the spectrum. In the U.S., states are labelled based on their predominant voting pattern (red for Republican vs. blue for Democrat).
With this in mind, we decided to take a look at the state of debt in the United States during this Presidential election race and break down how personal debt compares between red and blue states.
So, when we take a look at average personal loan debt and credit card loan debt by state, what do the balance sheets say?
The answer: it’s close!
Below, we’ve compiled a graphic that shows whether red, blue, or battleground states have the most debt along with the top highlights.
Debt Overview Highlights:
Highest average personal loan debt:
Hawaii (Blue state)
It may be out in the middle of the Pacific Ocean, but residents of this vacation destination state are also big debtors, with an average personal loan debt of $11,327. Looks like surf’s not the only thing that’s up in Hawaii.
Lowest average personal loan debt:
New Mexico (Battleground state)
New Mexico was the setting for the hit TV series Breaking Bad, but it certainly looks like it’s not breaking the bank with a nationally-low $5,480 average of personal loan debt.
Highest average credit card debt:
Alaska (Red state)
Although some things may be frozen in Alaska, it looks like credit cards aren’t one of those things; the average credit card debt in the state is $6,778. Alaska residents, check out Lending Club’s personal loan calculator to see if you can consolidate your debt at a lower rate!
Lowest average credit card debt:
Iowa (Red state)
Taking the lead in more than just being the first state primary, Iowa also has good financial momentum when it comes to its average credit card debt of $4,299. It looks like Iowa knows how to caucus and keep their average credit card debt down.
Want to see if you can save money with a lower rate, or pay down some of your own debt?
Editor’s note: A correction was made in the “Highlights” section. Iowa has the lowest average credit card debt not North Dakota.
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