New York debt: Average household has $54,000 in debt largely caused by student loans and credit cards

How much debt does the average household have in New York?

A lot.

A new report by Comptroller Tom DiNapoli says average household debt in the state sits at $54,000.

Student loan and credit card debt per capita were well-above the national average. Student loan balances are 335% higher than they were in 2003. Credit card debt is also significantly higher than in decades past.

“The bottom line is as we enter this phase with the economy slowing down the concern is that people are going to have to resort to borrowing more than they have in the last couple of years, making it a worse situation,” Comptroller DiNapoli told News10NBC.

Around 2.3 million New Yorkers are expected to benefit from the cancelation of student loan debt. Most borrowers will be eligible for $10,000 in forgiveness, while some will receive $20,000.

Staff Report

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