Median Installment Debt
Definition
Median amount of installment debt per borrower, 2008.
Description
Installment debt generally refers to any debt that is paid back in fixed monthly installments until the total amount of the debt is paid off (e.g. vehicle loans, student loans). Mortgage debt is not included in this calculation.
Although it often makes sense to utilize credit and take on debt to help advance an education or finance a vehicle for transport to and from work, high levels of installment debt create a financial burden that can overextend a household's budget and contribute to financial instability.
Source
Trend Analysis Data. (2008, Quarter 3). TransUnion.
| State | $ | Rank |
|---|---|---|
| Alabama | 15,135 | 30 |
| Alaska | 17,938 | 50 |
| Arizona | 16,973 | 48 |
| Arkansas | 16,156 | 44 |
| California | 14,732 | 20 |
| Colorado | 15,993 | 42 |
| Connecticut | 14,680 | 19 |
| Delaware | 16,068 | 43 |
| District of Columbia | 17,826 | 49 |
| Florida | 15,261 | 32 |
| Georgia | 15,303 | 33 |
| Hawaii | 14,678 | 18 |
| Idaho | 15,378 | 35 |
| Illinois | 14,375 | 14 |
| Indiana | 14,135 | 9 |
| Iowa | 14,902 | 27 |
| Kansas | 14,557 | 16 |
| Kentucky | 13,341 | 3 |
| Louisiana | 15,947 | 40 |
| Maine | 13,672 | 4 |
| Maryland | 16,250 | 45 |
| Massachusetts | 14,238 | 12 |
| Michigan | 12,332 | 1 |
| Minnesota | 14,194 | 11 |
| Mississippi | 15,117 | 29 |
| Missouri | 14,001 | 5 |
| Montana | 15,158 | 31 |
| Nebraska | 14,321 | 13 |
| Nevada | 16,547 | 47 |
| New Hampshire | 15,086 | 28 |
| New Jersey | 14,751 | 22 |
| New Mexico | 15,733 | 39 |
| New York | 14,125 | 8 |
| North Carolina | 14,878 | 25 |
| North Dakota | 14,797 | 23 |
| Ohio | 14,018 | 7 |
| Oklahoma | 14,896 | 26 |
| Oregon | 15,395 | 36 |
| Pennsylvania | 15,527 | 38 |
| Rhode Island | 14,168 | 10 |
| South Carolina | 14,592 | 17 |
| South Dakota | 15,351 | 34 |
| Tennessee | 14,008 | 6 |
| Texas | 16,289 | 46 |
| Utah | 14,556 | 15 |
| Vermont | 14,732 | 20 |
| Virginia | 15,480 | 37 |
| Washington | 15,980 | 41 |
| West Virginia | 14,862 | 24 |
| Wisconsin | 13,186 | 2 |
| Wyoming | 18,232 | 51 |
| United States | 14,887 |
|---|
