Survey Suggests Wyomingites are Bad at Managing Debt
Wyoming is one of the worst states in the country when it comes to managing debt.
As adults we all know how quickly bills can stack up - credit card debt, student loan debt, housing and cost of living. But when it comes to our debt to income ratio in Wyoming, we tend to live above our means when compared to other states.
Michigan, Arkansas, Delaware, Kentucky and Missouri are the five best states at keeping their debt low and and spending within their means. In fact, Michigan residents spend just over 1/4 of their income on debt (25.7%) the lowest in the USA.
In a recent survey of more than 500k borrowers conducted by credible.com, the results show that on average, Americans paid over $200 on credit card debit each month. While spending over $350 on student loan payments and over $900 each month on housing. All of these monthly payments while on an average house hold income of just over $60k.
Wyoming however falls toward the bottom of the debt to income ratio list when compared to other states. Wyoming has the 11th worst debt to income rating as compared to the rest of the U.S.
Wyoming's average income (according to this survey) is just under $55k, and we spend almost 31% of our income on debt payments. The averages in Wyoming are $195 for credit card payments, $308 on student loan payments and $894 on housing payments.
States worst than Wyoming on the list include: Hawaii, Washington, Colorado, Oregon, Montana, Virginia, Alaska, Vermont, Maine and Florida.
No matter how our state ranks, each of us can find a payoff plan for debt that fits our budget and pay off loans and debt quickly. For more info on debt and plans to help you consolidate or pay off debit click here.