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  #1  
Old 07-27-2011, 08:42 AM
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Indebtedness

10 most and least indebted states: (Yahoonews)
10 Most Indebted States (averages exclude student loans)

State........................Average debt.
1. California...............$336,169
2. Hawaii...................$321,258
3. Maryland................$263,524
4. New Jersey.............$257,462
5. Washington.............$243,758
6. Massachusetts.........$242,111
7. Virginia..................$239,186
8. Connecticut.............$229,684
9. Colorado................$219,899
10. Nevada................$218,010

10 Least Indebted States (averages, excluding student debt)
1. Oklahoma..............$126,027
2. West Virginia.........$127,535
3. Arkansas..............$128,460
4. Mississippi............$129,792
5. Indiana................$132,618
6. Kansas.................$133,606
7. North Dakota........$133,823
8. Kentucky..............$136,441
9. Iowa....................$139,415
10. Nebraska............$139,527
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Old 07-27-2011, 08:52 AM
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Average debt to average per capita income, or perhaps average debt/income ratio would be more interesting.

I'm assuming a large part of this is also mortgage debt, which is backed by assets (so long as value of asset > value of debt, this isn't a problem).
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Old 07-27-2011, 08:54 AM
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... and how are mortgage values doing in say, ... California?
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Old 07-27-2011, 08:55 AM
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I guess our CT poli's will have to try harder to piss money away if we're going to get to #1!
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Old 07-27-2011, 08:56 AM
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... and how are mortgage values doing in say, ... California?
Really depends where and when the property was purchased.
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Old 07-27-2011, 10:54 AM
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My personal debt stands at $133,000.
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  #7  
Old 07-27-2011, 11:39 AM
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I would put this dept in the lap of bankers looking to drive their profit portfolios up and up and home owners loving them ever minute for it.It all stems from what the avg joe strives to go to work for everyday and thats his home ,price of homes are equited by avg value in that market place .Before selling a home youll need an appraisal done ,it will be a requirment of the bank .Three values are pulled from info obtained from the appraisal district ,this comes from tax records at the city.The data is comprised and is put in a package with loan papers to sign at the mortgage company ,all in all an arm of the banking system . For new homeowners it sounds great that their homes value is going up ,investment from when they bought said home to day of sale = profits.In reality its driven to fail and then it starts all over again .The bankers love it ,realtors love it and home owners love it but they dont see the cycle in frt of them.Its a false system of security ,no one wins if they buy a house at the end of this cycle ,truly a baseless set of rules for an endless debt to new homeowners who thought they were buying a home as investment which turns into an anchor of debt.Their is a right time and place to buy a home and to not understand whats involved could be a financial nightmare.The term Housing Market Collapse should be retermed ,Housing Market Gridloch Due to Greedy Bankers.
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Old 07-27-2011, 11:39 AM
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Im right up there with Cali, called house poor
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Old 07-27-2011, 11:50 AM
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California and Hawaii are top dogs because their land value is sky high, the house that rest on it is just second hand value.
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Old 07-27-2011, 01:12 PM
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Those are the average PER CAPITA debts for each state?! Wow!
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Old 07-27-2011, 01:17 PM
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(debt EXCLUDES STUDENT LOANS). Funny I have a feeling that those would change the numbers considerably. 4 years of expensive undergrad is no fun. I know people who are nearly a quarter of a million in debt from college!! Thankfully I am not one of them (though I could have been)--I have been working my butt off since sophomore year to offset the costs.

Edit: I mean to say they were FUN but definitely not cheap
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Old 07-27-2011, 02:01 PM
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My total debt is well under $20K. I am not a wealthy man (and likely never will be, because I am basically lazy when it comes to that) but I could pay it off in a month. I save about 30% of my income and I don't visit casinos and I don't buy lots of toys. My appetites are modest. My expectations of others are realistic and I do not make commitments I cannot keep.
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Old 07-27-2011, 02:09 PM
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I don't owe anybody anything. I saved until I had the money to buy whatever I have or else did without it. The only time I use credit is when it's to my advantage.
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Old 07-27-2011, 02:23 PM
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Quote:
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I don't owe anybody anything. I saved until I had the money to buy whatever I have or else did without it. The only time I use credit is when it's to my advantage.
You are my hero.
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Old 07-27-2011, 02:39 PM
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Credit Karma’s debt data, based on the actual debt obligations held by some 200,000 consumers who use the company’s site, breaks down the average amounts that residents in each state borrow via credit cards, mortgages, auto and student loans


So, just to be clear, it isn't a "per capita" number, but reflects the statistics from users of the website, which is also a filter.
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