This is a year-end list Texans shouldn't be too happy to make an appearance on.
According to a new report from the personal finance website CreditDonkey, Texas ranked as the No. 9 state in the country with the highest levels of debt.
We're going to take a quick moment to reevaluate all of our holiday spending.
According to CultureMap Houston, the study examined each state's average mortgage debt, student debt, automobile debt, and credit card debt, and found that Texas ranked so highly due to our incredible auto loan debut, which stands as the highest in the nation.
Over 100 million Texans have loans on their cars, which amounted to up more than $1.5 trillion in auto loan debt. The average Texan's auto loan debt stands at $27,739.
Our average credit card debt didn't help too much either, adding up to $6,542. Our average mortgage debt came in at $217,461, and our average student debt amounted to $33,354.
We're not sure how much of a shock this will be, but the state with the highest debt: California.
The report found that the average mortgage debt in California is nearly $423,000 per household, with an average student loan debt of $37,384.
The ten states with the most debt, according to the report, are as follows:
No. 1 – California
No. 2 – Hawaii
No. 3 – Maryland
No. 4 – Alaska
No. 5 – Colorado
No. 6 – Washington
No. 7 – Virginia
No. 8 – Georgia
No. 9 – Texas
No. 10 – Nevada
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