NJ is among the worst states for personal debt

If you add up your debt, it probably makes you jittery. From mortgages to credit cards, student loans to car loans, we are a nation where debt is a way of life. Our government can’t possibly pay its own off, which might only make us psychologically forgive ourselves.

Not all states are alike, however. Would it be any great shock to know a state like New Jersey, where it is so expensive to simply survive, would have among the worst levels of personal debt?

We can confirm.

Annuity Freedom did a recent survey that shows where the financial bright spots and dark spots are in our country. You won’t find much bright in the Garden State.

That brightness is reserved for states like West Virginia, Mississippi, and Arizona. Those are, respectively, the first, second, and third states for having the least amount of personal debt. West Virginia’s overall average personal debt is $34,210, with low mortgage debt and student loan debt and only moderate auto and credit card debt.

New Jersey is not the worst. That dubious distinction belongs to Colorado. They are the highest in the nation, with average personal debt standing at $89,170, thanks largely to outrageously high mortgage debt there.

If there’s any good news for New Jersey, it’s that we’re not even in the top ten.

States with the highest personal debt are:

1 — Colorado

2 — California

3 — Washington

4 — Hawaii

5 — Maryland

6 — Utah

7 — Virginia

8 — Massachusetts

9 — Alabama

10 — Oregon

The bad news? The Garden State is number 11.

Thirty-nine states have less average personal debt than we do. New Jersey’s is $66,800. Our average auto debt is $4,820. Our average credit card obligation is $4,220, the third highest in the nation. Jersey’s average mortgage debt is $48,120. Our average student loan debt is $6,440, a category for which we are tied for the fourth highest in the nation.

A spokesperson for Annuity Freedom said, "In the end, debt is not only about personal financial choices but is also heavily influenced by factors like local economies, housing markets, and educational systems. Each state’s average debt tells a larger story about the economic realities its residents face daily.”

The study was done using data from the Federal Reserve Bank of New York, Business Insider, Credit Karma, and the Federal Reserve Board.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.

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