Residents of California and Hawaii are the most indebted individuals in America, but they're also among a group that are making the most progress in paying down the amount they owe, according to a MoneyWatch analysis of state-by-state debt statistics.
Overall, debt — and particularly credit card debt — is dropping appreciably as the country is swept by two complimentary trends: a new commitment to fiscal responsibility and lending restrictions that are generally keeping credit out of the hands of people who aren't committed to using debt responsibly.
"There is clearly a segment of the population that can't borrow," says Kenneth Lin, president of Credit Karma, which provided the data. "But there is also a segment of the population that is just cutting back, paying down their debts and pulling out the credit cards less often."
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.
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10 Most Indebted States (averages exclude student loans)
State...........................Average debt............% change
1. California...............$336,169.....................-4%
2. Hawaii....................$321,258....................-7%
3. Maryland................$263,524.....................-0%
4. New Jersey.............$257,462.....................-1%
5. Washington...........$243,758.....................-2%
6. Massachusetts......$242,111.....................-0%
7. Virginia.................$239,186....................-1%
8. Connecticut..........$229,684.....................-3%
9. Colorado...............$219,899....................-1%
10. Nevada................$218,010....................-7%
10 Least Indebted States (averages, excluding student debt)
1. Oklahoma............$126,027...................-3%
2. West Virginia.......$127,535...................-1%
3. Arkansas.............$128,460...................-0%
4. Mississippi..........$129,792..................-2%
5. Indiana................$132,618..................-3%
6. Kansas................$133,606..................-2%
7. North Dakota......$133,823..................+0%
8. Kentucky.............$136,441.................-1%
9. Iowa....................$139,415.................+0%
10. Nebraska..........$139,527..................-1%
more at link:
http://financiallyfit.yahoo.com/finance/article-113199-10445-1-debt-in-america-most-and-least-indebted-states?hp=true?ywaad=ad0035&nc
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