Mortgage debt has increased by 80% since 2003 and remains the primary source of debt in the US, a new study found.
The Kaplan Group, a commercial collection agency, released a study in June on the debt burden Americans face. It analyzed State Level Household Debt Statistics from 2003 to 2023 to discover that three-quarters of the total debt burden is mortgage debt.
Far behind mortgages are student loans and car loans, which each total 10% of Americans’ debt burden. Credit card debt comprises 7% of the overall debt, The Kaplan Group found.
Take a look at the states with the five highest and five lowest average amounts of mortgage debt.