Debt can be daunting, but not all states are created equal when it comes to our spending and borrowing habits. So which states have the lowest debt rates?
In UpgradedPoints.com‘s latest report, they dug into the latest household debt data from the Federal Reserve Bank of New York. They tracked borrowing behavior over time, uncovering how people are borrowing, repaying, and moving toward their financial goals.
- Mississippi is ranked #2 for the lowest overall debt per person at $32,100, followed by Arkansas and Kentucky. The US average debt per person is $29,340
- Mississippi is ranked #1 for the lowest credit card debt per person at $2,110, followed by West Virginia and Kentucky. The national average is $3,220
- West Virginia, Mississippi and Arkansas have the lowest mortgage debts in the nation. Mississippi ranked #2 with an average of $15,710, compared to the national average of $33,680