Dealing with debt. Household utility bills making it difficult for a British home owner to afford. Difficulty paying gas and electricity bills is common as the economic downturn makes personal finances feel the pinch. London, UK. A woman makes calcul
MINNEAPOLIS (FOX 9) - Millions of Americans are in debt. Whether it's debt from credit card spending, mortgages, or student loans, the amount of money that residents owe across the U.S. is eye-opening. A new study set to find out though which states in particular had the highest amount of debt in the country.
Debt in the Midwest
The backstory:
To find which states had the highest amount of debt, a study was done by MoneyLion which looked at various forms of data from the NY Federal Reserve, Zillow, the U.S. Census and more to find exactly how much debt was owed by residents in every state.
By the numbers:
Landing at the top of the list for the Midwest was Illinois, which in total had over $593 billion of debt, with the average resident owing roughly $54,000.
Not far behind was Ohio with over $489 billion of debt, followed by Michigan at $422 billion.
In terms of just average individual debt, Minnesota, with over $312 billion of debt, leads the way at roughly $63,000 of debt per resident.
Check out the full numbers for the Midwest right here:
- Illinois — $593,363,062,000 total debt, $54,050 per individual
- Ohio — $489,417,973,600 total debt, $46,780 per individual
- Michigan — $422,109,640,000 total debt, $48,050 per individual
- Minnesota — $312,277,954,400 total debt, $63,860 per individual
- Indiana — $290,527,061,800 total debt, $49,330 per individual
- Wisconsin — $252,225,855,000 total debt, $49,210 per individual
- Iowa — $129,068,984,000 total debt, $47,410 per individual
- South Dakota — $39,847,511,800 total debt, $52,270 per individual
- North Dakota — $34,310,276,000 total debt, $53,300 per individual
Rest of the country
Dig deeper:
As for the rest of the U.S., California led the way with the highest amount of total debt at roughly $2.9 trillion. Texas finished with the second highest at around $1.5 trillion in debt, followed by Florida with over $1.3 trillion and New York with just under $1 trillion.
Despite having the highest debt total, California does not lead the country in terms of individual debt, that honor goes to Colorado, where the average resident owes over $92,000. California is in second though at $87,000 of debt per resident, followed by Washington at $85,000.
The Source: This story was written using information from a study done by MoneyLion and was reported out of Eden Prairie, Minnesota.