Debt is top of mind for many Colorado residents. There is no perfect way to pay off debt. However, there are many ways you can make mistakes while trying to pay off debt.
Colorado’s Average Debt Soars Above the National Average
According to new data from Compare the Market, the average American has $58,725 in debt. Believe it or not, the average debt of a Colorado resident is much higher.
Compare the Market compiled data and found that Colorado residents have more debt than the rest of the nation. On average, a Colorado resident has a personal debt of $90,540. That amount is over 50 percent above the national average.
Residents of California are next regarding the most in debt, followed by Washington, Hawaii, and Utah.
Colorado Debt Climbs Higher Than Last Year
This figure is more than the average in 2024. Last year, the average debt for a Colorado resident was $84,730…