Source: Federal Reserve Bank of New York
Latest Data: 2023
Release Timing: February
Frequency: Annual
Contact: Joelle Scally, Joelle.Scally@ny.frb.org

The data shown here is the average total household debt per capita in the states for the last quarter of the year given. Total household debt includes mortgages, auto loans, outstanding student debt, and credit card debt balances.  

According to the Federal Reserve Bank of New York, the data is collected as follows: "The FRBNY Consumer Credit Panel consists of detailed Equifax credit-report data for a unique longitudinal quarterly panel of individuals and households from 1999 to 2012. The panel is a nationally representative 5% random sample of all individuals with a social security number and a credit report (usually aged 19 and over). We also sampled all other individuals living at the same address as the primary sample members, allowing us to track household-level credit and debt for a random sample of US households."

This data is collected by the Federal Reserve Bank of New York's Center for Microeconomic Data as part of its quarterly Household Debt and Credit Report. According to the Federal Reserve, the  "Household Debt and Credit Report provides unique data and insight into the credit conditions and activity of U.S. consumers. Based on data from the New York Fed's Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data, the report provides a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies. The report aims to help community groups, small businesses, state and local governments and the public to better understand, monitor and respond to trends in borrowing and indebtedness at the household level."

Citation: State Level Household Debt Statistics, Federal Reserve Bank of New York.

Source: FRBNY Consumer Credit Panel / Equifax