Personal-finance technology company SmartAsset.com recently ranked the top 10 U.S. states (and, in one case, federal district) whose citizens have the most personal debt. Key findings included:
- Richer states have more debt: The top 10 states or districts with the most debt (i.e., highest debt-to-income levels) have an average income of $31,832. The 10 with the lowest debt-to-income ratios have an average income of $26,754.
- Most debt = mortgages: On average, the top 10 highest-debt states or districts have just under two-thirds of debt tied up in housing. The bottom 10 have around 60 percent of income in mortgages.
- Big divide: The most leveraged state or district has twice as much debt per capita as the state with the least debt.
CNBC.com shares excerpts from the article by Derek Miller of Smartasset.com below.