New York has fourth-highest family debt in US — and it’s getting worse

New York state residents have the fourth highest personal household debt within the nation — and the burden is barely rising heavier, based on a current authorities report.

The workplace of Comptroller Thomas DiNapoli released a report this week indicating that New Yorkers had been carrying a median family debt of $53,830 as of the fourth quarter of final 12 months.

The report famous that whereas New York was nonetheless under the nationwide common of $55,810, the state was nonetheless effectively above the nationwide common when factoring in just student loans and credit card debt per capita.

By the tip of final 12 months, People amassed a complete of $15.6 trillion in family debt. New York accounted for five.6% of the entire, or $869.4 billion.

California led the nation in nationwide common family debt. Texas, Florida, New York, and Illinois spherical out the highest 5.

New Yorkers’ common family debt rose to $53,830 on the finish of 2021.
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In accordance with DiNapoli’s workplace, common family debt has rose by 4% nationally and a couple of% within the Empire State through the first two quarters of this 12 months — outpacing the earlier highs that had been set in 2008.

The overwhelming majority of family debt each nationwide and statewide was made up by mortgage debt, based on the Thursday report.

In New York, 69.2% of residents’ common family debt — or $601.2 billion — was owed to lenders for mortgage funds. Nationwide, that determine was 70.2% — or $10.9 trillion.

“Households throughout the nation have file ranges of debt, after a short lived decline on the onset of the pandemic in 2020,” DiNapoli mentioned.

California, Texas, and Florida are the only states with more household debt than New York.
California, Texas, and Florida are the one states with extra family debt than New York.
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“We’re seeing debt rise for New Yorkers with scholar loans, mortgages and bank cards.”

DiNapoli added: “Borrowing may help people obtain their private and monetary objectives, however excessive ranges of debt could cause damaging long-term penalties.”

“I urge policymakers to enhance entry for people and households to monetary training sources, so they’re higher ready to construct a stronger monetary future.”

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