High Debt States - Solutions

Various survey teams conduct study to find out debt analysis to figure out the country's financial health or states or individuals financial health and stability. If your debt is high you have to pay huge amounts of interest. A recent survey details  as given in the ezineArticle.com by author Jason Rigler the following north east states have highest  average debt .

  • New Hampshire

  • Connecticut

  • Rhode Island

The report measures overall debt of a consumer; everything present on a credit report, including credit cards and installment debts but excluding mortgage debt.

The states that follow high debt states are

  • Massachusetts

  • Maine

  • Delaware

The states listed with the lowest average debt were

  • Mississippi

  • Washington D.C.

  • Oklahoma

The reasons for the difference in debt ratios among states are

  • Cost of living

  • Mortgage rates and availability of credit

Surprisingly the report says debt amount is high in the age group of 40 to 49 and 50 t0 59 . This age group instead of reducing their debt amount increasing the for building up their life styles.

 

  

 

Solution

The simplest way to eliminate your debt and high interest payments is to pay them off.