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How does your state rank in terms of debt management? A new study by Credible exposes where people are best (and worst) at managing their credit card bills, student loan debt, and housing costs.

Read on to see how your financial profile compares to the average person in your state—and across state borders.

Key highlights

Map: debt and income by state

Toggle through the menu below to see the overall score, average monthly credit card, student loan, and mortgage payments, and average annual income for each state.

Financial health is relative

On average, Americans included in this dataset paid $207 on their credit card debt, $370 on their student loans, and $906 on their housing each month, while taking home an average salary of $60,671.

But what’s the special sauce that makes some states’ residents so much better at debt management than others?

Well, it depends.

In Michigan, for example, cost of living plays a large role. Low average monthly housing payments relative to average income (combined with lower than average credit card and student loan payments) push the state up the rankings.

At the other end of the spectrum, some states rank lower because of particularly high payments made in one category or another.

Residents of Hawaii, for example, pay the second highest amount on monthly credit card bills and fourth highest amount on housing costs and their average income isn’t high enough to offset those costs.

Average monthly credit card payment of all Americans included in this dataset
Average monthly student loan payment of all Americans included in this dataset
Average monthly housing payment of all Americans included in this dataset

One in five borrowers is a homeowner

Mortgage debt can increase a resident’s debt-to-income ratio. The vast majority of the 540,000 borrowers included in this analysis are not homeowners but nearly 19% have one or more mortgages. 

Of that group, the average housing payment increases to $1,705, nearly double the average housing payment for all borrowers, a group that includes renters, homeowners, and people living with parents.

You are not your state

While this new ranking sheds light on how residents of various states perform in terms of debt management, keep in mind that these are average numbers — and that your debt is a personal matter.

No matter how your state ranks, find a debt payoff plan that fits your budget and lifestyle, as well as minimizes what you’ll owe in interest as you pay off each loan.

For example, balance transfer credit cards can be useful to begin paying off your credit card debt. These cards will often offer you six to 18 months of 0% APR for balance transfers, giving you some time to get your finances in order without accruing a ton of interest. If paying off credit card debt is one of your goals, Credible can help you find the best balance transfer credit cards of 2018.


We used proprietary data from over 540,000 borrowers with student loan debt from all 50 U.S. states and D.C. to calculate average monthly credit card, student loan, and housing payments as a percentage of average monthly income. Therefore, the debt-to-income ratio we used to rank all states included credit card debt, student loan debt, and housing costs (such as rent or mortgage payments).

That percentage was then assigned a normalized score from 0-100 for each state, 0 being where debt payments are the highest percentage of monthly income, and 100 being where monthly payments are the lowest percentage of monthly income.

Full rankings and data

StateAverage monthly credit card paymentAverage monthly student loan paymentAverage monthly housing paymentAverage annual incomeMonthly debt-to-income ratioOverall score
Michigan$198$354$725$60,642 25.27%100
Arkansas$174$319$666$54,284 25.62%96.77
Delaware$213$364$853$64,174 26.74%86.49
Kentucky$184$323$696$53,821 26.82%85.74
Missouri$203$340$738$56,234 27.34%81.02
Mississippi$154$263$574$42,993 27.66%78.04
Ohio$211$370$729$55,763 28.19%73.16
Indiana$197$343$699$52,717 28.20%73.05
Pennsylvania$215$394$746$57,636 28.21%72.97
Georgia$186$328$812$56,344 28.24%72.7
West Virginia$193$337$624$49,017 28.25%72.61
North Carolina$193$338$810$56,867 28.30%72.18
New Jersey$231$435$997$70,378 28.36%71.65
Rhode Island$210$418$842$61,727 28.58%69.61
Iowa$202$367$751$55,226 28.68%68.65
New Mexico$184$336$787$54,636 28.71%68.43
Nevada$234$430$966$67,993 28.77%67.86
Wisconsin$215$393$771$57,126 28.97%66.03
Texas$203$339$926$60,765 28.99%65.82
Utah$187$322$947$60,108 29.07%65.11
Connecticut$231$415$1,006 $68,145 29.09%64.89
New York$207$394$979$64,613 29.34%62.57
Oklahoma$202$317$732$51,147 29.35%62.51
Illinois$221$367$889$60,385 29.35%62.5
Massachusetts$195$449$991$66,813 29.37%62.37
Alabama$186$290$630$45,123 29.41%61.94
Louisiana$157$284$706$46,629 29.52%60.97
New Hampshire$209$418$926$63,071 29.55%60.7
Arizona$197$340$878$57,412 29.58%60.44
South Carolina$181$349$732$51,115 29.63%59.97
Minnesota$241$371$899$60,941 29.75%58.81
Nebraska$213$364$808$55,773 29.80%58.39
Kansas$204$338$818$54,677 29.85%57.94
Tennessee$196$349$787$53,464 29.90%57.49
Maryland$227$405$1,084 $68,819 29.92%57.26
District of Columbia$160$574$1,355 $83,769 29.93%57.23
California$208$372$1,198 $71,277 29.93%57.15
South Dakota$201$351$771$52,390 30.30%53.75
Idaho$207$356$858$56,143 30.37%53.12
North Dakota$190$312$727$48,351 30.50%51.93
Wyoming$195$308$894$54,594 30.71%50.05
Florida$208$330$893$55,899 30.72%49.93
Maine$194$451$767$55,047 30.78%49.37
Vermont$184$412$810$54,377 31.03%47.1
Alaska$216$443$1,018 $64,304 31.30%44.64
Virginia$216$369$1,031 $61,863 31.35%44.17
Montana$188$354$863$52,587 32.06%37.61
Oregon$195$393$973$58,147 32.21%36.19
Colorado$215$378$1,076 $62,161 32.22%36.15
Washington$221$385$1,096 $63,028 32.40%34.45
Hawaii$238$385$1,091 $56,889 36.15%0

About the author
Credible Staff
Credible Staff

The goal of the Credible editorial writers and staff is to help our readers get up to speed on issues surrounding student loans, mortgage, and personal finance, so you can make informed decisions. We’re here to help you stay on top of the latest news, trends, concepts, and changes in policy and regulations.

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