Guest Columnist

 

Diana Polk

States Where People Overspend the Most & Least on Car Loans

 

With average auto loan debt reaching as much as 45% of median income in some states, the personal finance company WalletHub has released its updated report on the States Where People Overspend the Most on Car Loans, shedding light on where financial strain is most evident.

To determine these rankings, WalletHub compared median car-loan debt to residents’ income across all 50 states and the District of Columbia.

Car Loan Debt in California (1=Most Expensive; 25=Avg.):

  • Average Car Loan Debt: $19,362
  • Average Car Loan Debt as % of Median Monthly Household Income: 28%
 
For the full report, please visit:
https://wallethub.com/edu/states-where-people-have-the-highest-income/136995