Utahns are feeling the pinch in almost every expense category, including housing, cars, groceries and gas, but their financial woes don’t stop there. In a recent study published by The Cultural Currents Institute, Utahns have the most debt in the Country, with an average debt of $79,240, while the average Utahn’s salary is $57,360.
The study analyzed student loans, car loans, credit cards and mortgages. Utahns average the following debt in each category:• Car loan: $6,040• Credit card balance: $3,340• Mortgage loan: $61,120• Student loan: $4,220
Although the state leads the Country in debt-to-salary ratio, the study notes that Utah has the youngest population in the United States, with an average age of 31.9.
“This means that residents of the state are more likely to be early in their financial journey, having had less time to pay down mortgages, auto loans, and student debt. Young parents, who are abundant in the state, may also be in a phase of life when paying down debts takes a backseat to the challenges of raising a family,” said researchers in the study.
WHICH STATE HAS THE HIGHEST DEBT-TO-AVERAGE SALARY RATIO?
1: Utah 1.38
2: Arkansas 1.35
3: Hawaii 1.35
4: Alabama 1.34
5: Colorado 1.31
6: Idaho 1.25
7: Nevada 1.19
9: California 1.16
10: Maryland 1.15
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