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Arizonans owe more money than they earn, report says

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Posted at 7:43 AM, Jul 30, 2019
and last updated 2019-07-30 10:43:52-04

PHOENIX — Arizonans' personal debt loads are nearly $10,000 more than residents' annual income on a per capita basis, according to a recent report from the Motley Fool.

The finance website's research found that Arizona is one of 15 states in which its residents owe more than they earn every year. Arizona residents carry a per capita debt load of $53,060 — $9,410 more than the state's per capita annual income of $43,650.

That differential places Arizona at No. 4 on the Motley Fool's list of the 15 states with upside down income-to-debt ratios.

Arizona's per capita debt load is also significantly higher than that of the average American, who carries personal debt of $38,000, according to the Motley Fool. That total excludes home mortgage balances.

For the full story from the Phoenix Business Journal, click here.