HAWAII (HawaiiNewsNow) - Compared to the rest of the U.S. — Hawaii is pretty bad at managing its debt.
A recent analysis by Credible, a loan refinancing company, found that Hawaii ranks near the bottom when it comes to managing debt, bills and other types of monthly payments.
On average, Hawaii residents spend 36 percent of their monthly paychecks on credit card, student loan and housing payments — over 43 percent more than residents of Michigan, according to the study.
The study found that the biggest reason Hawaii ranks so low is the Aloha State's unfortunate combination of high costs of living and incomes not quite high enough to offset them. Hawaii also pays the second highest amount on monthly credit card bills .
The study used data from 540,000 borrowers with student loan debt across the nation to calculate debt averages as a percentage of monthly income.
Hawaii was dead last with monthly payments taking up the highest percentage of monthly income. The state with the highest ranking was Michigan.