Household debt on the rise in New York


The average New York household debt reached $53,830 at the end of 2021, according to a report from Comptroller Tom DiNapoli’s office.

Student loan debt and credit card debt are above the national average for New York residents, although the overall household debt burden in the state is below the national average of 55,810 $.

Some Americans were able to stash cash during the COVID-19 pandemic. But many more continue to struggle to save and pay off debt over the past year, the report said.

“Households across the country have record debt levels, after a temporary drop at the start of the pandemic in 2020. We are seeing an increase in debt for New Yorkers with student loans, mortgages and credit cards “, DiNapoli said. “Borrowing can help individuals achieve their personal and financial goals, but high levels of debt can have harmful long-term consequences. I urge policymakers to improve individuals’ and families’ access to financial resources. financial education, so they are better prepared to build a stronger financial future.

In total, New York households carry a combined debt of $869.4 billion, or 5.6% of the national total. This ranks New York fourth in the nation behind its peers, California, Texas and Florida.

Credit card debt per capita in New York was $3,520 last year, which was the seventh highest in the country. The student loan balance per capita was $6,180, the 11th highest in the country. Student loan debt has increased 33% over the past 18 years.

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