Average household debt in New York nearly $54,000

ROCHESTER, NY – The average household debt in New York is now nearly $54,000 according to a new report from NYS Comptroller Tom DiNapoli.

The report shows student loan and credit card debt per capita was well above the national average, with student loan balances 335% higher than they were in 2003. New Yorkers have a debt ratio of 57% compared to 73% for the United States as a whole. However, DiNapoli’s report found that debt per capita in New York differs notably from the national profile: mortgages and auto loans are lower, while credit cards and student loans are higher.

“Ultimately, as we enter this phase of a downturn in the economy, the concern is that people are going to have to resort to borrowing more heavily than they have in the last two years, which which makes the situation worse,” comptroller DiNapoli told News10NBC Investigative. On Friday, reporter Jennifer Lewke, “at the same time, interest rates are rising and we’re not doing enough to give consumers information about financial resources if they’re in trouble.”

White Houses plan to forgive up to $20,000 in student loan debt for certain borrowers was originally supposed to help about 2.3 million New Yorkers, ‘they’re still rolling it out, we’ll have to see what happens, but given New York State’s debt burden on student loans, anything that helps will be welcome,” DiNapoli said.

On Friday, the White House announced that borrowers with government-backed federal student loans, but held by private lenders, will now be excluded from debt relief and that other changes to the program may be in the pipeline. horizon.