Report: Hawaii residents carry much more debt than national aver - Hawaii News Now - KGMB and KHNL

Report: Hawaii residents carry much more debt than national average

(Image: Hawaii News Now/File) (Image: Hawaii News Now/File)
HONOLULU (HawaiiNewsNow) -

Hawaii residents are buried under debt.

That's the conclusion of a new state study, which said the average debt for a Hawaii resident with at least one credit card in 2017 was nearly $65,000.

That's about $20,000 higher than the average debt per person nationally.

Not surprisingly, mortgage debt is the biggest driver of consumer debt, the report says.

In fact, about 77 percent of consumer debt in the islands is from mortgage debt.

Nationally, that number is 69 percent.

“This report highlights why home equity lines of credit and home equity loans are more popular in Hawaii than the nation due to our high home prices,” said state Department of Business Economic Development and Tourism Director Luis P. Salaveria.

“We saw the number of accounts in these two types of financing methods increase, while the number of accounts in these two methods decreased for the U.S. between first and fourth quarter of 2017. The report also shows Hawaii’s delinquency rates were lower than the U.S. average for all the debt categories, which is encouraging.”

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