(The Center Square) – Wisconsin residents rank 11th nationally in debt ratio, just ahead of its 12th ranking nationally in 2019, according to a new analysis from Forward Analytics.
The state’s ratio was just below 1.2 debt-to-income in 2024 after being just more than 1.2 in 2019.
Iowa and Illinois are the only two states in the region with lower personal debt ratios.
One portion of the debt that increased in Wisconsin is credit card debt with per capita debt increasing 18.1% from $2,770 to $3,270 between 2019 and 2024.
Around 7.6% of the Wisconsin credit card debt was delinquent – 90 or more days old – which ranked the state as the lowest in the country.
“In terms of financial impacts that can be controlled by individual households, such as the amount of personal debt, Wisconsinites fare quite well, especially relative to neighboring states,” the Forward Analytics report said. “As the cost of housing and most goods and services remain high, residents of the Badger state will likely continue to exercise their frugality and financial caution.”
The average Wisconsin mortgage payment in the state was $1,245.1 at the end of 2024, ranking the state 10th lowest in the country.
Payments were just 19.8% of median household income in Wisconsin, ranking the state second-lowest in the country above Vermont (18.9%) and slightly below Michigan (21.2%) and Iowa (20.8%).
