5 States Where Residents Have Cut Debt by Double-Digit Percentages in Past Year (and Where Nonmortgage Debt Has Dipped by Same)
It’s easier than ever to fall into debt — and not by blowing cash on splurges. Between inflation, ever-higher housing and education costs, and the ready availability of loans, it’s surprising to find someone not in the hole.
But the latest LendingTree study finds that U.S. consumers were able to slightly lower their total debt between the third quarters of 2023 and 2024. In five states, average total debt dropped by impressive double-digit percentages.
Below, find our analysis of total and nonmortgage debt across the 50 U.S. states, including breakdowns by debt type. (The findings aren’t all shiny: Across the six debt types studied, only three saw recent decreases.)
Key findings
- Consumers cut their total debt (slightly) between the third quarters of 2023 and 2024. Across the 50 U.S. states, consumers’ total debt dipped 0.5% from $135,166 to $134,495. Looking solely at nonmortgage debt in the same period, the decrease was a larger 10.6%, from $40,470 to $36,167.
- Five states — Nevada, North Dakota, Mississippi, Oklahoma and Maryland — saw their total debt dip by double-digit percentages. Total debt — which includes mortgages, auto loans, student loans, credit cards, personal loans and other debts — decreased by 11.5%, 11.5%, 11.0%, 10.2% and 10.1%, respectively, in these states between the third quarters of 2023 and 2024. Meanwhile, 33 states saw double-digit percentage decreases in their nonmortgage debt in this period.
- Across the six debt types analyzed, just half — personal, auto and student loans — saw average balances decrease in the past year. Personal loan balances dipped by an average of 33.3% across the 50 U.S. states, ahead of auto loans (14.9%) and student loans (10.5%).
- Average personal and auto loan balances decreased in each state between the third quarters of 2023 and 2024. Personal loan balance decreases ranged from 47.0% in Illinois to 8.6% in Vermont, while auto loan balance decreases ranged from 27.9% in South Dakota to 5.4% in Louisiana.
Consumers cut total debt slightly; nonmortgage debt down 10.6%
Let’s start with the good news: Americans cut their total debt by 0.5% between the third quarters of 2023 and 2024. (Total debt includes credit card balances and mortgage debt, as well as auto, personal and student loans. There’s also a sixth “other” debt category.)
While half a percentage point is minimal, it’s still in a good direction. Because of interest, being in debt costs money. With the economic conditions mentioned above, any movement toward less debt is likely to be a boon to borrowers.
% change in total debt/nonmortgage debt
| Type of debt | Debt, Q3 2023 | Debt, Q3 2024 | % change YoY |
|---|---|---|---|
| Total debt | $135,166 | $134,495 | -0.5% |
| Nonmortgage debt | $40,470 | $36,167 | -10.6% |
Source: LendingTree analysis of the anonymized credit reports of about 315,000 LendingTree users in the third quarter of 2023 and about 410,000 in the third quarter of 2024.
The data is even more promising when housing payments are excluded: National nonmortgage debt fell 10.6% over the same period.
While sniffing out exact reasons for these decreases is a challenge, Matt Schulz, LendingTree chief credit analyst and author of “Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life,” says there’s likely a combination of factors, including the same high-interest climate that might make the dip seem counterintuitive.
Schulz also suggests that when consumers feel shaky about their finances, they might put off taking on bigger projects like home remodels that require borrowing money. In any case, he says, “there’s never just one reason why debt decreases.”
5 states saw total debt dip by double-digit percentages
While just over half of states (26) saw a total year-over-year debt decrease in the studied 2023-to-2024 period, five saw double-digit percentage dips. They were Nevada and North Dakota (tied at 11.5%), Mississippi (11.0%), Oklahoma (10.2%) and Maryland (10.1%).
5 states with biggest % decreases in total debt
| Rank | State | Total debt, Q3 2023 | Total debt, Q3 2024 | % change YoY |
|---|---|---|---|---|
| 1 | Nevada | $169,034 | $149,610 | -11.5% |
| 1 | North Dakota | $129,177 | $114,330 | -11.5% |
| 3 | Mississippi | $93,532 | $83,200 | -11.0% |
| 4 | Oklahoma | $106,263 | $95,379 | -10.2% |
| 5 | Maryland | $189,480 | $170,251 | -10.1% |
Source: LendingTree analysis of the anonymized credit reports of about 315,000 LendingTree users in the third quarter of 2023 and about 410,000 in the third quarter of 2024.
That’s a fairly wide range of states, but there’s no obvious pattern pulling them together.
“However,” Schulz says, “several of them are relatively low-income and low-credit-score states, and that combination can make it tough to get a loan.” The median household income in Nevada is $71,646, compared with the national median of $75,149. In North Dakota, it’s $73,959. Mississippi has the lowest median household income in the country at $52,985, and the lowest average credit score at 680.
In other words, says Schulz, these states’ “debt reductions may not be all about them paying down their debts. It may also be about their inability to obtain new loans.”
Debt reduction by type in the 5 states where it dropped the most
As far as the specific debt types lending to these trends, each state has a slightly different dynamic.
North Dakota, meanwhile, may also owe its overall debt drop in large part to a reduction in average mortgage debt, which decreased 9.5% from $83,370 to $75,419. Average student loans in the state dipped 24.9% from $12,731 to $9,566, and personal loans went down 30.8%. (Balances falling under North Dakota’s “other debt” category, however, rose 144.5% over the same time, from $980 to $2,396 — a higher increase than in any of the other four mentioned states.)
Mississippi saw the largest decrease in credit card debt in the nation — a change of 13.1%, with the average balance dropping from $5,741 to $4,988.
Oklahoma saw impactful drops in personal loans (35.4%), student loans (21.7%) and mortgage debt (7.0%), while Maryland had the second most improved average mortgage balance with a drop of 10.2%, from $144,083 to $129,432.
States with the highest decreases in nonmortgage debt
As we can see when looking at the reduction in debt by category, mortgage debt can substantially impact a state’s overall debt reduction (or growth). When we take mortgages out of the picture and focus solely on nonmortgage debt, different states enjoy the largest year-over-year decreases. In fact, there’s no overlap with the top five states in the mortgage-inclusive list.
5 states with biggest % decreases in nonmortgage debt
| Rank | State | Nonmortgage debt, Q3 2023 | Nonmortgage debt, Q3 2024 | % change YoY |
|---|---|---|---|---|
| 1 | Iowa | $41,336 | $33,963 | -17.8% |
| 2 | Maine | $41,937 | $34,787 | -17.0% |
| 2 | New Hampshire | $42,714 | $35,434 | -17.0% |
| 4 | Colorado | $44,066 | $36,944 | -16.2% |
| 5 | South Dakota | $44,500 | $37,621 | -15.5% |
Source: LendingTree analysis of the anonymized credit reports of about 315,000 LendingTree users in the third quarter of 2023 and about 410,000 in the third quarter of 2024.
Iowa saw the largest nonmortgage debt decrease (17.8%), in part due to an 11.7% reduction in credit card balances — the second-largest drop in the nation.
New England states Maine and New Hampshire tied for second with nonmortgage decreases of 17.0%. New Hampshire made major strides in student loans (a decrease of 27.2%, the third-largest in the nation). Neighbor Maine didn’t have a specific standout category, but it saw a reduction in debt in every nonmortgage category except for “other.”
Altogether, 33 states enjoyed double-digit decreases in nonmortgage debt, and 49 of 50 enjoyed some form of a drop in this metric.
Full rankings
Biggest % decreases/increases in total debt
| Rank | State | Total debt, Q3 2023 | Total debt, Q3 2024 | % change YoY |
|---|---|---|---|---|
| 1 | Nevada | $169,034 | $149,610 | -11.5% |
| 1 | North Dakota | $129,177 | $114,330 | -11.5% |
| 3 | Mississippi | $93,532 | $83,200 | -11.0% |
| 4 | Oklahoma | $106,263 | $95,379 | -10.2% |
| 5 | Maryland | $189,480 | $170,251 | -10.1% |
| 6 | Kentucky | $107,504 | $97,262 | -9.5% |
| 6 | New Hampshire | $153,784 | $139,173 | -9.5% |
| 8 | Arkansas | $103,730 | $94,675 | -8.7% |
| 9 | West Virginia | $98,941 | $92,699 | -6.3% |
| 10 | Idaho | $157,709 | $148,157 | -6.1% |
| 11 | Delaware | $146,736 | $138,224 | -5.8% |
| 12 | Kansas | $114,282 | $107,902 | -5.6% |
| 13 | Oregon | $164,405 | $155,335 | -5.5% |
| 14 | Montana | $147,603 | $139,874 | -5.2% |
| 15 | Iowa | $112,856 | $107,391 | -4.8% |
| 16 | Indiana | $109,307 | $104,987 | -4.0% |
| 17 | Alaska | $163,163 | $156,938 | -3.8% |
| 18 | Michigan | $110,207 | $106,521 | -3.3% |
| 19 | Alabama | $107,426 | $104,629 | -2.6% |
| 20 | Colorado | $199,372 | $195,523 | -1.9% |
| 21 | Arizona | $156,903 | $154,941 | -1.3% |
| 21 | New Jersey | $154,915 | $152,955 | -1.3% |
| 23 | Ohio | $102,679 | $101,497 | -1.2% |
| 24 | Pennsylvania | $114,462 | $113,523 | -0.8% |
| 25 | Illinois | $126,611 | $125,935 | -0.5% |
| 25 | Washington | $192,535 | $191,619 | -0.5% |
| 27 | Maine | $121,401 | $121,607 | 0.2% |
| 28 | New Mexico | $120,344 | $120,788 | 0.4% |
| 29 | Missouri | $106,414 | $107,045 | 0.6% |
| 30 | Wisconsin | $107,015 | $108,810 | 1.7% |
| 31 | North Carolina | $129,834 | $132,126 | 1.8% |
| 32 | Louisiana | $106,131 | $108,137 | 1.9% |
| 33 | Minnesota | $137,722 | $140,477 | 2.0% |
| 34 | Virginia | $163,955 | $168,535 | 2.8% |
| 35 | South Carolina | $121,081 | $124,590 | 2.9% |
| 35 | South Dakota | $120,107 | $123,592 | 2.9% |
| 37 | New York | $133,256 | $137,852 | 3.4% |
| 38 | Georgia | $134,434 | $139,443 | 3.7% |
| 38 | Tennessee | $120,777 | $125,191 | 3.7% |
| 40 | Connecticut | $149,650 | $155,370 | 3.8% |
| 40 | Nebraska | $107,560 | $111,693 | 3.8% |
| 42 | Florida | $139,057 | $144,672 | 4.0% |
| 43 | Hawaii | $185,397 | $197,195 | 6.4% |
| 44 | Rhode Island | $127,195 | $135,849 | 6.8% |
| 45 | Wyoming | $133,682 | $143,023 | 7.0% |
| 46 | Massachusetts | $164,676 | $178,197 | 8.2% |
| 47 | Utah | $163,122 | $176,636 | 8.3% |
| 48 | Vermont | $113,033 | $122,985 | 8.8% |
| 49 | Texas | $125,453 | $138,506 | 10.4% |
| 50 | California | $194,381 | $219,883 | 13.1% |
Source: LendingTree analysis of the anonymized credit reports of about 315,000 LendingTree users in the third quarter of 2023 and about 410,000 in the third quarter of 2024.
Biggest % decreases in nonmortgage debt
| Rank | State | Nonmortgage debt, Q3 2023 | Nonmortgage debt, Q3 2024 | % change YoY |
|---|---|---|---|---|
| 1 | Iowa | $41,336 | $33,963 | -17.8% |
| 2 | Maine | $41,937 | $34,787 | -17.0% |
| 2 | New Hampshire | $42,714 | $35,434 | -17.0% |
| 4 | Colorado | $44,066 | $36,944 | -16.2% |
| 5 | South Dakota | $44,500 | $37,621 | -15.5% |
| 6 | Oklahoma | $41,294 | $34,989 | -15.3% |
| 7 | North Dakota | $45,807 | $38,911 | -15.1% |
| 8 | Kentucky | $38,364 | $32,686 | -14.8% |
| 9 | Oregon | $39,206 | $33,574 | -14.4% |
| 10 | Idaho | $38,868 | $33,297 | -14.3% |
| 11 | Utah | $38,966 | $33,533 | -13.9% |
| 12 | West Virginia | $42,677 | $36,866 | -13.6% |
| 13 | Illinois | $40,797 | $35,383 | -13.3% |
| 14 | Wyoming | $40,757 | $35,452 | -13.0% |
| 15 | Missouri | $38,682 | $33,684 | -12.9% |
| 15 | Arizona | $42,242 | $36,809 | -12.9% |
| 17 | Arkansas | $42,484 | $37,025 | -12.8% |
| 17 | Nevada | $41,751 | $36,388 | -12.8% |
| 19 | Indiana | $37,850 | $33,039 | -12.7% |
| 20 | Washington | $37,775 | $33,019 | -12.6% |
| 21 | Delaware | $42,073 | $36,839 | -12.4% |
| 22 | Kansas | $38,904 | $34,179 | -12.1% |
| 22 | Mississippi | $43,763 | $38,459 | -12.1% |
| 24 | Connecticut | $41,211 | $36,348 | -11.8% |
| 25 | Wisconsin | $35,324 | $31,475 | -10.9% |
| 26 | Minnesota | $37,677 | $33,621 | -10.8% |
| 27 | Tennessee | $40,479 | $36,146 | -10.7% |
| 28 | Virginia | $42,006 | $37,574 | -10.6% |
| 29 | California | $40,070 | $35,855 | -10.5% |
| 29 | Massachusetts | $37,749 | $33,788 | -10.5% |
| 31 | Rhode Island | $36,080 | $32,349 | -10.3% |
| 32 | Maryland | $45,397 | $40,819 | -10.1% |
| 33 | Michigan | $38,401 | $34,542 | -10.0% |
| 34 | Alabama | $41,171 | $37,299 | -9.4% |
| 35 | Hawaii | $37,962 | $34,510 | -9.1% |
| 36 | Ohio | $37,493 | $34,199 | -8.8% |
| 37 | Pennsylvania | $39,406 | $36,245 | -8.0% |
| 37 | New York | $37,659 | $34,665 | -8.0% |
| 39 | Georgia | $46,249 | $42,748 | -7.6% |
| 40 | New Jersey | $40,030 | $37,233 | -7.0% |
| 41 | New Mexico | $42,644 | $39,906 | -6.4% |
| 42 | Alaska | $41,712 | $39,445 | -5.4% |
| 43 | Florida | $42,619 | $40,367 | -5.3% |
| 44 | Louisiana | $42,026 | $39,854 | -5.2% |
| 45 | Montana | $37,735 | $35,992 | -4.6% |
| 46 | Nebraska | $36,962 | $35,531 | -3.9% |
| 47 | South Carolina | $39,727 | $38,516 | -3.0% |
| 47 | North Carolina | $38,414 | $37,265 | -3.0% |
| 49 | Texas | $44,779 | $43,509 | -2.8% |
| 50 | Vermont | $35,681 | $35,691 | 0.0% |
Source: LendingTree analysis of the anonymized credit reports of about 315,000 LendingTree users in the third quarter of 2023 and about 410,000 in the third quarter of 2024.
Just half of debt types analyzed saw average balances decrease
The type of debt with the steepest nationwide year-over-year debt drop-off was personal loans, which dipped 33.0%, or about a third. However, it’s important to keep in mind that this data is based on the credit reports of LendingTree users, for which recent research found more than half who use personal loans do so to consolidate debt or refinance their credit cards — so they are more prone to significant dips in the category as they move toward a total payoff.
Auto loans came in second with an overall dip of 14.9% — a trend that surprised Schulz. “As vehicle prices and financing rates have risen in recent years, auto debt has as well,” he says. “However, it’s possible that Americans may have recently hit a financial tipping point and are no longer as willing to take on debt for that new car, truck or SUV as they have been.”
Finally, student loans decreased 10.5%, a major win in a country with more than $1.7 trillion in student loan debt. Some of this may be due in part to the Biden administration’s student debt forgiveness efforts, which, even with pushback from the Supreme Court, have offered relief to many.
Type of debts, biggest decreases to biggest increases
| Type of debt | Q3 2023 debt in category | Q4 2023 debt in category | % change YoY |
|---|---|---|---|
| Personal loans | $5,900 | $3,920 | -33.0% |
| Auto loans | $14,533 | $12,359 | -14.9% |
| Student loans | $11,920 | $10,639 | -10.5% |
| Credit cards | $7,128 | $7,349 | 2.9% |
| Mortgages | $94,696 | $98,327 | 3.7% |
| Other | $989 | $1,900 | 107.5% |
Source: LendingTree analysis of the anonymized credit reports of about 315,000 LendingTree users in the third quarter of 2023 and about 410,000 in the third quarter of 2024.
Conversely, several types of debt are on the rise nationally — notably credit card balances (2.9%), mortgages (3.7%) and other debts, which have risen a staggering 107.5%. (These may include accounts that have gone to collections, among various miscellaneous debts.)
A rise in overall mortgage debt makes sense given the historically high cost of buying a home in the U.S., and Schulz says he’s “not at all surprised to see credit card debt rise.”
“Record-high interest rates and stubborn inflation have combined to shrink people’s financial margin for error in a big way,” he goes on — which means many are turning to credit cards to make ends meet.
Average personal, auto loan balances decrease in each state
While not every debt category decreased nationally, some reliably decreased in each state — namely, personal and auto loan balances.
Personal loans saw the highest percentage decreases year over year, with an average nationwide dip of 33.0%. In fact, nine states saw personal loan dips of 40.0% or greater: Illinois (47.0%), Kansas (46.5%), Connecticut and Hawaii (tied at 46.3%), Maryland (44.3%), Massachusetts (42.1%), Missouri (40.8%), Indiana (40.6%) and Virginia (40.1%).
Biggest/smallest % decreases in personal loan debt
| Rank | State | Personal loan debt, Q3 2023 | Personal loan debt, Q3 2024 | % change YoY |
|---|---|---|---|---|
| 1 | Illinois | $6,245 | $3,309 | -47.0% |
| 2 | Kansas | $5,630 | $3,010 | -46.5% |
| 3 | Connecticut | $6,753 | $3,629 | -46.3% |
| 3 | Hawaii | $8,754 | $4,698 | -46.3% |
| 5 | Maryland | $7,663 | $4,269 | -44.3% |
| 6 | Massachusetts | $5,294 | $3,066 | -42.1% |
| 7 | Missouri | $5,439 | $3,219 | -40.8% |
| 8 | Indiana | $5,604 | $3,331 | -40.6% |
| 9 | Virginia | $6,764 | $4,052 | -40.1% |
| 10 | Kentucky | $5,888 | $3,538 | -39.9% |
| 11 | Mississippi | $7,330 | $4,447 | -39.3% |
| 12 | Arizona | $6,667 | $4,063 | -39.1% |
| 13 | Georgia | $6,310 | $3,857 | -38.9% |
| 14 | California | $6,045 | $3,773 | -37.6% |
| 15 | Nebraska | $5,287 | $3,351 | -36.6% |
| 16 | Maine | $6,027 | $3,825 | -36.5% |
| 17 | New York | $5,390 | $3,437 | -36.2% |
| 18 | Alabama | $6,341 | $4,055 | -36.1% |
| 19 | Washington | $5,632 | $3,618 | -35.8% |
| 20 | Oklahoma | $6,147 | $3,972 | -35.4% |
| 21 | Colorado | $6,427 | $4,162 | -35.2% |
| 22 | Nevada | $6,313 | $4,113 | -34.8% |
| 23 | Florida | $5,890 | $3,844 | -34.7% |
| 24 | Oregon | $5,192 | $3,397 | -34.6% |
| 25 | West Virginia | $5,975 | $3,994 | -33.2% |
| 26 | Wisconsin | $5,067 | $3,395 | -33.0% |
| 27 | Ohio | $4,717 | $3,164 | -32.9% |
| 28 | Idaho | $5,403 | $3,629 | -32.8% |
| 29 | Michigan | $4,766 | $3,214 | -32.6% |
| 30 | Iowa | $5,298 | $3,583 | -32.4% |
| 30 | Pennsylvania | $5,564 | $3,763 | -32.4% |
| 32 | Utah | $4,708 | $3,212 | -31.8% |
| 33 | South Carolina | $5,616 | $3,838 | -31.7% |
| 34 | Arkansas | $6,248 | $4,318 | -30.9% |
| 35 | North Dakota | $7,365 | $5,093 | -30.8% |
| 36 | Delaware | $5,696 | $3,951 | -30.6% |
| 37 | Rhode Island | $5,166 | $3,588 | -30.5% |
| 38 | New Mexico | $6,658 | $4,678 | -29.7% |
| 39 | Texas | $6,600 | $4,660 | -29.4% |
| 40 | Alaska | $5,617 | $3,999 | -28.8% |
| 41 | New Jersey | $6,245 | $4,460 | -28.6% |
| 42 | New Hampshire | $5,381 | $3,897 | -27.6% |
| 43 | Wyoming | $6,130 | $4,542 | -25.9% |
| 44 | Minnesota | $6,207 | $4,628 | -25.4% |
| 45 | Tennessee | $5,685 | $4,486 | -21.1% |
| 46 | South Dakota | $5,852 | $4,664 | -20.3% |
| 47 | Montana | $5,037 | $4,090 | -18.8% |
| 48 | North Carolina | $5,060 | $4,179 | -17.4% |
| 49 | Louisiana | $5,753 | $5,169 | -10.2% |
| 50 | Vermont | $4,129 | $3,774 | -8.6% |
Source: LendingTree analysis of the anonymized credit reports of about 315,000 LendingTree users in the third quarter of 2023 and about 410,000 in the third quarter of 2024.
Auto loans also reliably decreased across each of the 50 states, with South Dakota enjoying the largest decline at 27.9%. Still, the average auto loan balance in the state was $12,466 in 2024’s third quarter, which is a substantial amount of debt for a depreciating asset.
Nine states enjoyed a drop in auto loan balances of at least 20.0% — many of which are wide-open Western states like Oregon, Washington, Arizona and Colorado, where residents rely on personal vehicles for almost all their transportation. Still, nearly every state carries a five-figure auto loan balance on average.
Biggest/smallest % decreases in auto loan debt
| Rank | State | Auto loan debt, Q3 2023 | Auto loan debt, Q3 2024 | % change YoY |
|---|---|---|---|---|
| 1 | South Dakota | $17,294 | $12,466 | -27.9% |
| 2 | Oregon | $13,766 | $10,366 | -24.7% |
| 3 | Washington | $14,278 | $11,229 | -21.4% |
| 4 | Hawaii | $11,218 | $8,853 | -21.1% |
| 5 | Minnesota | $12,338 | $9,769 | -20.8% |
| 6 | Arizona | $16,539 | $13,201 | -20.2% |
| 6 | Colorado | $14,826 | $11,837 | -20.2% |
| 8 | Arkansas | $18,249 | $14,590 | -20.1% |
| 8 | Connecticut | $12,437 | $9,931 | -20.1% |
| 10 | Wyoming | $18,341 | $14,761 | -19.5% |
| 11 | Idaho | $15,486 | $12,599 | -18.6% |
| 12 | Iowa | $14,868 | $12,151 | -18.3% |
| 12 | Illinois | $13,332 | $10,888 | -18.3% |
| 14 | Kentucky | $13,989 | $11,439 | -18.2% |
| 15 | New Hampshire | $15,280 | $12,570 | -17.7% |
| 16 | Maine | $15,223 | $12,570 | -17.4% |
| 17 | Kansas | $14,207 | $11,746 | -17.3% |
| 18 | Vermont | $15,622 | $12,959 | -17.0% |
| 19 | Massachusetts | $11,078 | $9,216 | -16.8% |
| 20 | Georgia | $15,650 | $13,032 | -16.7% |
| 21 | Indiana | $14,145 | $11,819 | -16.4% |
| 22 | Montana | $15,565 | $13,034 | -16.3% |
| 23 | Alaska | $16,924 | $14,205 | -16.1% |
| 24 | Pennsylvania | $12,610 | $10,694 | -15.2% |
| 25 | Ohio | $13,521 | $11,576 | -14.4% |
| 26 | North Dakota | $17,726 | $15,239 | -14.0% |
| 27 | Oklahoma | $16,071 | $13,841 | -13.9% |
| 28 | Alabama | $15,869 | $13,683 | -13.8% |
| 28 | California | $13,870 | $11,956 | -13.8% |
| 28 | Mississippi | $15,159 | $13,073 | -13.8% |
| 31 | Delaware | $13,713 | $11,857 | -13.5% |
| 32 | Maryland | $14,107 | $12,232 | -13.3% |
| 33 | New Jersey | $12,011 | $10,452 | -13.0% |
| 34 | Wisconsin | $11,844 | $10,313 | -12.9% |
| 34 | West Virginia | $18,393 | $16,023 | -12.9% |
| 36 | Rhode Island | $11,231 | $9,914 | -11.7% |
| 37 | Nevada | $14,375 | $12,712 | -11.6% |
| 38 | Utah | $14,058 | $12,494 | -11.1% |
| 39 | New York | $10,953 | $9,746 | -11.0% |
| 40 | New Mexico | $17,675 | $15,804 | -10.6% |
| 41 | Missouri | $13,073 | $11,729 | -10.3% |
| 42 | Nebraska | $12,906 | $11,654 | -9.7% |
| 43 | Florida | $16,093 | $14,566 | -9.5% |
| 44 | South Carolina | $13,493 | $12,262 | -9.1% |
| 45 | Tennessee | $14,787 | $13,468 | -8.9% |
| 46 | Michigan | $12,130 | $11,113 | -8.4% |
| 47 | Texas | $17,854 | $16,410 | -8.1% |
| 48 | Virginia | $13,147 | $12,185 | -7.3% |
| 49 | North Carolina | $13,206 | $12,479 | -5.5% |
| 50 | Louisiana | $16,130 | $15,252 | -5.4% |
Source: LendingTree analysis of the anonymized credit reports of about 315,000 LendingTree users in the third quarter of 2023 and about 410,000 in the third quarter of 2024.
Decreases among more debt types
While not consistent across the U.S., many states saw decreases among the remaining debt categories studied, including student loans, credit cards and mortgages.
Utah saw the largest decrease in student loan debt (36.8%), followed by South Dakota (28.3%) and New Hampshire (27.2%). Overall, 44 of the 50 states saw a decrease in student loan balances, leading to a total national average drop of 10.5%.
Biggest % decreases/increases in student loan debt
| Rank | State | Student loan debt, Q3 2023 | Student loan debt, Q3 2024 | % change YoY |
|---|---|---|---|---|
| 1 | Utah | $12,370 | $7,814 | -36.8% |
| 2 | South Dakota | $14,438 | $10,352 | -28.3% |
| 3 | New Hampshire | $13,008 | $9,467 | -27.2% |
| 4 | Idaho | $10,274 | $7,683 | -25.2% |
| 5 | Colorado | $13,766 | $10,329 | -25.0% |
| 6 | North Dakota | $12,731 | $9,566 | -24.9% |
| 7 | Maine | $12,544 | $9,607 | -23.4% |
| 8 | Oklahoma | $11,708 | $9,168 | -21.7% |
| 9 | Iowa | $13,473 | $10,740 | -20.3% |
| 10 | Nevada | $11,686 | $9,349 | -20.0% |
| 11 | Wyoming | $8,144 | $6,560 | -19.4% |
| 12 | Washington | $9,655 | $7,799 | -19.2% |
| 13 | Oregon | $12,740 | $10,526 | -17.4% |
| 14 | California | $10,938 | $9,142 | -16.4% |
| 15 | Michigan | $14,519 | $12,256 | -15.6% |
| 16 | Missouri | $12,762 | $10,870 | -14.8% |
| 17 | Virginia | $13,830 | $11,887 | -14.0% |
| 18 | Arizona | $10,884 | $9,383 | -13.8% |
| 19 | Delaware | $13,761 | $11,872 | -13.7% |
| 20 | Tennessee | $11,949 | $10,418 | -12.8% |
| 21 | West Virginia | $10,958 | $9,567 | -12.7% |
| 22 | Rhode Island | $10,784 | $9,520 | -11.7% |
| 23 | Wisconsin | $11,443 | $10,120 | -11.6% |
| 24 | Nebraska | $11,553 | $10,252 | -11.3% |
| 25 | Alaska | $10,438 | $9,278 | -11.1% |
| 26 | Indiana | $11,223 | $10,192 | -9.2% |
| 27 | Kansas | $11,496 | $10,494 | -8.7% |
| 28 | Florida | $11,262 | $10,422 | -7.5% |
| 29 | Ohio | $12,151 | $11,378 | -6.4% |
| 30 | Kentucky | $11,387 | $10,679 | -6.2% |
| 31 | Massachusetts | $12,135 | $11,425 | -5.9% |
| 32 | Illinois | $12,696 | $12,042 | -5.2% |
| 32 | Minnesota | $11,196 | $10,611 | -5.2% |
| 34 | Montana | $9,610 | $9,120 | -5.1% |
| 35 | Pennsylvania | $13,453 | $12,811 | -4.8% |
| 36 | North Carolina | $12,274 | $11,721 | -4.5% |
| 37 | Alabama | $11,951 | $11,429 | -4.4% |
| 38 | New Mexico | $11,193 | $10,814 | -3.4% |
| 39 | Mississippi | $14,123 | $13,836 | -2.0% |
| 39 | New York | $11,634 | $11,406 | -2.0% |
| 41 | Georgia | $15,981 | $15,694 | -1.8% |
| 42 | Louisiana | $12,360 | $12,164 | -1.6% |
| 43 | New Jersey | $12,040 | $11,879 | -1.3% |
| 44 | Arkansas | $10,817 | $10,759 | -0.5% |
| 45 | Texas | $11,134 | $11,158 | 0.2% |
| 46 | Connecticut | $12,366 | $12,423 | 0.5% |
| 47 | Maryland | $13,583 | $13,721 | 1.0% |
| 48 | South Carolina | $12,794 | $13,492 | 5.5% |
| 49 | Hawaii | $8,208 | $8,834 | 7.6% |
| 50 | Vermont | $8,568 | $9,945 | 16.1% |
Source: LendingTree analysis of the anonymized credit reports of about 315,000 LendingTree users in the third quarter of 2023 and about 410,000 in the third quarter of 2024.
In the world of credit card debt, Mississippi saw a big win: Its balances decreased 13.1% year over year from $5,741 in 2023’s third quarter to $4,988 by the same time this year. Overall, 17 states saw their credit card balances decline.
Nationwide, credit card balances increased by 2.9%.
Biggest % decreases/increases in credit card debt
| Rank | State | Credit card debt, Q3 2023 | Credit card debt, Q3 2024 | % change YoY |
|---|---|---|---|---|
| 1 | Mississippi | $5,741 | $4,988 | -13.1% |
| 2 | Iowa | $7,107 | $6,277 | -11.7% |
| 3 | West Virginia | $6,311 | $5,609 | -11.1% |
| 4 | Arkansas | $6,048 | $5,404 | -10.6% |
| 5 | Kentucky | $6,004 | $5,391 | -10.2% |
| 6 | Louisiana | $6,128 | $5,610 | -8.5% |
| 7 | North Dakota | $7,006 | $6,616 | -5.6% |
| 8 | Maine | $7,505 | $7,188 | -4.2% |
| 9 | Maryland | $9,341 | $8,956 | -4.1% |
| 9 | Tennessee | $6,085 | $5,838 | -4.1% |
| 11 | Delaware | $7,897 | $7,748 | -1.9% |
| 12 | Nebraska | $6,663 | $6,591 | -1.1% |
| 13 | New Hampshire | $8,446 | $8,369 | -0.9% |
| 14 | Oklahoma | $6,205 | $6,157 | -0.8% |
| 15 | Missouri | $6,267 | $6,236 | -0.5% |
| 16 | New York | $8,932 | $8,895 | -0.4% |
| 17 | Rhode Island | $8,191 | $8,185 | -0.1% |
| 18 | Indiana | $5,959 | $6,007 | 0.8% |
| 19 | Wisconsin | $6,192 | $6,252 | 1.0% |
| 20 | Alabama | $5,784 | $5,867 | 1.4% |
| 21 | Minnesota | $6,894 | $7,006 | 1.6% |
| 22 | New Jersey | $9,053 | $9,210 | 1.7% |
| 23 | Illinois | $7,810 | $7,974 | 2.1% |
| 24 | Michigan | $6,297 | $6,451 | 2.4% |
| 25 | Nevada | $8,058 | $8,278 | 2.7% |
| 26 | Pennsylvania | $6,938 | $7,143 | 3.0% |
| 27 | Massachusetts | $8,492 | $8,792 | 3.5% |
| 28 | Ohio | $6,170 | $6,427 | 4.2% |
| 29 | North Carolina | $6,768 | $7,089 | 4.7% |
| 30 | South Carolina | $6,380 | $6,728 | 5.5% |
| 31 | Idaho | $6,571 | $6,936 | 5.6% |
| 32 | Colorado | $8,141 | $8,608 | 5.7% |
| 33 | Connecticut | $8,907 | $9,448 | 6.1% |
| 34 | Kansas | $6,596 | $7,016 | 6.4% |
| 34 | Montana | $6,851 | $7,289 | 6.4% |
| 36 | Utah | $7,071 | $7,548 | 6.7% |
| 37 | South Dakota | $6,202 | $6,678 | 7.7% |
| 38 | Wyoming | $6,422 | $7,029 | 9.5% |
| 39 | New Mexico | $6,088 | $6,676 | 9.7% |
| 40 | Vermont | $6,922 | $7,626 | 10.2% |
| 41 | Oregon | $6,686 | $7,391 | 10.5% |
| 42 | Hawaii | $8,086 | $8,963 | 10.8% |
| 43 | Arizona | $7,202 | $8,007 | 11.2% |
| 44 | Florida | $8,286 | $9,224 | 11.3% |
| 45 | Texas | $7,534 | $8,435 | 12.0% |
| 45 | Virginia | $7,390 | $8,278 | 12.0% |
| 47 | Georgia | $7,161 | $8,033 | 12.2% |
| 48 | Washington | $7,396 | $8,329 | 12.6% |
| 49 | California | $8,238 | $9,305 | 13.0% |
| 50 | Alaska | $7,964 | $9,331 | 17.2% |
Source: LendingTree analysis of the anonymized credit reports of about 315,000 LendingTree users in the third quarter of 2023 and about 410,000 in the third quarter of 2024.
Finally, even with a 3.7% increase in mortgage debt across the nation, 15 states saw their mortgage balances decrease year over year. Nevada saw the biggest drop at 11.0%, representing a balance shift from $127,283 to $113,222.
Nevada home prices were up nearly 7.0% year over year in September 2024, so it seems the state’s residents must be diligent with their payments — or getting lucky.
Biggest % decreases/increases in mortgage debt
| Rank | State | Mortgage debt, Q3 2023 | Mortgage debt, Q3 2024 | % change YoY |
|---|---|---|---|---|
| 1 | Nevada | $127,283 | $113,222 | -11.0% |
| 2 | Maryland | $144,083 | $129,432 | -10.2% |
| 3 | Mississippi | $49,770 | $44,742 | -10.1% |
| 4 | North Dakota | $83,370 | $75,419 | -9.5% |
| 5 | Oklahoma | $64,969 | $60,391 | -7.0% |
| 6 | Kentucky | $69,141 | $64,577 | -6.6% |
| 6 | New Hampshire | $111,070 | $103,740 | -6.6% |
| 8 | Arkansas | $61,246 | $57,650 | -5.9% |
| 9 | Montana | $109,869 | $103,882 | -5.4% |
| 10 | Alaska | $121,451 | $117,493 | -3.3% |
| 10 | Idaho | $118,841 | $114,861 | -3.3% |
| 12 | Delaware | $104,663 | $101,384 | -3.1% |
| 13 | Oregon | $125,199 | $121,762 | -2.7% |
| 14 | Kansas | $75,378 | $73,723 | -2.2% |
| 15 | West Virginia | $56,264 | $55,832 | -0.8% |
| 16 | Michigan | $71,806 | $71,979 | 0.2% |
| 17 | Indiana | $71,456 | $71,948 | 0.7% |
| 17 | New Jersey | $114,885 | $115,722 | 0.7% |
| 19 | Alabama | $66,255 | $67,330 | 1.6% |
| 20 | Colorado | $155,305 | $158,578 | 2.1% |
| 21 | Washington | $154,760 | $158,599 | 2.5% |
| 22 | Iowa | $71,520 | $73,428 | 2.7% |
| 23 | Arizona | $114,660 | $118,132 | 3.0% |
| 23 | Pennsylvania | $75,056 | $77,278 | 3.0% |
| 25 | Ohio | $65,186 | $67,298 | 3.2% |
| 26 | North Carolina | $91,420 | $94,862 | 3.8% |
| 27 | New Mexico | $77,700 | $80,882 | 4.1% |
| 28 | Illinois | $85,813 | $90,551 | 5.5% |
| 29 | South Carolina | $81,354 | $86,074 | 5.8% |
| 30 | Louisiana | $64,105 | $68,283 | 6.5% |
| 31 | Minnesota | $100,045 | $106,857 | 6.8% |
| 32 | Virginia | $121,949 | $130,962 | 7.4% |
| 33 | Nebraska | $70,598 | $76,162 | 7.9% |
| 33 | New York | $95,598 | $103,187 | 7.9% |
| 33 | Wisconsin | $71,691 | $77,336 | 7.9% |
| 36 | Florida | $96,437 | $104,304 | 8.2% |
| 37 | Missouri | $67,732 | $73,361 | 8.3% |
| 38 | Maine | $79,464 | $86,820 | 9.3% |
| 39 | Georgia | $88,185 | $96,695 | 9.7% |
| 40 | Connecticut | $108,439 | $119,023 | 9.8% |
| 41 | Hawaii | $147,436 | $162,684 | 10.3% |
| 42 | Tennessee | $80,298 | $89,045 | 10.9% |
| 43 | Vermont | $77,352 | $87,294 | 12.9% |
| 44 | Rhode Island | $91,115 | $103,501 | 13.6% |
| 45 | South Dakota | $75,607 | $85,971 | 13.7% |
| 46 | Massachusetts | $126,927 | $144,409 | 13.8% |
| 47 | Utah | $124,156 | $143,102 | 15.3% |
| 48 | Wyoming | $92,925 | $107,572 | 15.8% |
| 49 | Texas | $80,674 | $94,997 | 17.8% |
| 50 | California | $154,310 | $184,028 | 19.3% |
Source: LendingTree analysis of the anonymized credit reports of about 315,000 LendingTree users in the third quarter of 2023 and about 410,000 in the third quarter of 2024.
4 tips to help you get out of debt
As easy as it is to get into debt, it can feel just as hard — if not harder — to claw your way back out. Fortunately, though, achieving a debt-free life is possible. Here are four expert tips to help you get there.
- Start with a budget. “They’re not fun,” Schulz acknowledges, “but you can’t make a meaningful plan for taking on debt without regularly knowing how much money is coming in and going out of your household.” Once you have a bird’s-eye view of your real-time financial situation, you can begin to make changes to it — including “tough decisions about your spending based on your short-, medium- and long-term goals,” Schulz says.
- Just do it. From the snowball method to the avalanche method and every nonsnowy alternative tactic, there are a lot of ways to start your debt freedom journey. Your job? “Don’t worry about the method,” Schulz advises. “Just get started.” Any action is likely better than no action, and if the tack you took isn’t working, you can always change course. “What matters most,” Schulz reiterates, “is that you get started — and find a method that’ll motivate you and keep you going until that debt is paid off.”
- Find ways to lower your interest rate. Interest is one of the costliest parts of being in debt, but you don’t have to wait until you’re debt-free to lower how much you pay in interest. “A 0% balance transfer credit card is perhaps your best tool for attacking credit card debt, but a low-interest personal loan can work well, too,” Schulz recommends. Both allow you to consolidate multiple debts into a single payment, which can both simplify your life and lower your overall interest rate. Don’t want to take out a new loan? “Call your current credit card issuer and ask for a lower interest rate,” Schulz advises. “It works way more often than you’d imagine.”
- Find your community by getting vulnerable. It may sound like something out of a self-help book, but it can make a big difference — even in the world of finances. “Everyone’s got something they’re struggling with,” Schulz says. “Being open about it can help.” That might not mean showing your credit card bills to your friends and family — privacy still matters. But cluing them into your debt freedom goals can give them a chance to be supportive — if not financially, then emotionally. “Paying down debt is a tough, long road. Remember that you don’t have to travel it alone,” Schulz advises.
Methodology
LendingTree researchers analyzed a sample of about 315,000 anonymized credit reports of LendingTree users from July, August and September 2023 and compared that with a sample of about 410,000 anonymized credit reports of LendingTree users from July, August and September 2024 — the third quarters of 2023 and 2024.
Researchers used this data to calculate average debt balances for each of the 50 states across:
- Mortgages
- Auto loans
- Student loans
- Credit cards
- Personal loans
- Other types of debt