The 25 Most Debt-Ridden States: A Timeline From 2003 To 2014 by Christina Lavingia, Credito
In the 18-month Great Recession that spanned from late 2007 to mid-2009, over 8.8 million jobs were lost, more than 4 million foreclosures occurred and $19.2 trillion in household wealth vanished, according to the Treasury Department.
Eight years later, despite a gradually improving economy, the recession’s toll can still be felt. Although people might have their jobs back and a semblance of their former well-being, many are fearful and still saddled with debt today.
Credio analyzed data from the Federal Reserve Bank of New York to see how U.S. consumer debt has changed over time. This household debt includes mortgage, auto loan, credit card and student loan debt per capita.
Despite a salvaged economy, consumer household debt is still higher today than it was in 2003 in nearly every U.S. state. Looking at the most recent year’s data (2014), Credio ranked the U.S. states and Washington, D.C., by total consumer debt to see which states are most indebted.
Note: Given these debt statistics are measured on an aggregate level, the states that are most burdened by mortgage debt or student loans, among the other loan types, may rank higher. The top 25 states with the most household debt per capita are sorted least to greatest.
