New Study Shows The Average Rhode Islander Owes $33,420

The average Rhode Islander owes $33,420, according to a new survey by Lending Tree, making it the 28th-highest in the country. According to the data, 91 percent of residents carry a balance on their credit card at an average amount of $3,691.

In neighboring Massachusetts, the average debt is approximately $10,000 higher at $42,120. The worst state for debt, meanwhile, is Colorado, where residents on average owe $50,010. On the opposite end of the spectrum, West Virginia has the lowest average debt at $17,500 per person.

One of the largest sources of debt comes from buying a house, which anyone who has experience with the Rhode Island housing market knows, doesn't come cheap. On average, Rhode Islanders owe $87,817 in mortgage debt, or 30 percent of the median home price of $283,500, according to Zillow.

Lending Tree calculated average balance amounts by dividing the total outstanding debt by the number of adults estimated to have that type of debt, according to the study.

Student loans are the second-highest amount of debt in Rhode Island. 21 percent of residents have students loans at an average of $25,724. Here's a look at the rest of Rhode Island's debt.

• Seven percent of Rhode Islanders have personal loans, averaging $8,839.
• 38 percent of residents have car loans, average $9,832.

The full ranking and study can be found on Lending Tree's website.