State Comptroller Thomas DiNapoli announced that average household debt for New Yorkers is on the rise, climbing to over $53,000 at the end of last year.
While Empire State residents did see their national average debt burden fall during this period, student loan and credit card debts per capita rose significantly, with student loan balances 335% higher than they were in 2003.
“Households across the nation have record levels of debt, after a temporary decline at the onset of the pandemic in 2020. We’re seeing debt rise for New Yorkers with student loans, mortgages and credit cards. Borrowing can help individuals achieve their personal and financial goals, but high levels of debt can cause damaging long-term consequences”, DiNapoli said.
New York’s level of household debt is fourth highest in the country, trailing only California, Texas and Florida.