Ever wonder which state’s residents hold the most consumer debt? New research from the New York Federal Reserve points the finger at Californians. Here are some of the numbers:
- Californians carry and average of $77,500 in consumer debt. That’s down by more than $10,000 from 2008.
- Ohio residents have the least amount of debt, carrying an average of $40,000 per person.
- More than one out of ten Californians are at least 90 days late on their bills.
- Nevada and Florida residents have the highest 90-day delinquency rates in the country.
According to the Los Angeles Times, Americans seem to be making attempts at clearing up their financial situations. Consumer debt has dropped 6.5 percent from it’s 2008 peak and in the last quarter 272 million credit card accounts were shut down by consumers. “The national measures obscure substantive differences at the state level and the additional data released today show clear differences of distress among the select states for which we show data,” Wilbert van der Klaauw, a vice president at the bank, told the LA Times in a statement. But bankruptcies and foreclosures are still increasing. Bankruptcies jumped by 34 percent in the second quarter, according to the report. However, consumers seem to still be purchasing cars as evident by a 25 percent increase in car loans for the second quarter of 2010.
Tags: debt, Credit card, bankruptcy
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