How much debt do you have? I’ll take an educated guess on that.
If you are the average Montanan you have a mortgage, credit card debt and maybe even a personal loan, not to mention that car payment. So how much debt is the average Montanan carrying.
First lets look at the mortgage. The average amount still owed on a home in Montana is around $210,000 according The Center Square. That amounts to about $25,000 less than the national average. And Montana is one of only a handful of states that have a lower than average mortgage debt even though the homes in the state are usually less affordable. The highest average mortgage debt is in California at about $400,000. West Virginia has the lowest Mortgage debt at $128,000.
Lets look at credit card debt. The average Montana resident has about $5400 in credit card debt and that is well below the national average of $7400 according to NerdWallet. GOBankingrates says there are as many as 14,000,000 americans with over $10,000 in credit card debt. YIKES!
Do you have a personal loan? If so the average balance on that type of loan in Montana is around $25,000 according to Experian. And it is one of the highest balances of any state. Experian says nationwide, the total personal loan debt is over $133,000,000,000. YIKES AGAIN!
Now lets look at the vehicle loan. In Montana the average monthly payment is around $552 a month and the amount still owed is around $21,000. If you are thinking of buying a brand new car The Zebra says the average monthly payment is $648. And a used vehicle $503.
Lets sum this up. if you are the average Montanan with a home, new car, credit card debt and a personal loan you are in debt $261,4000. DOUBLE YIKES!!!