Texans lead the nation in auto loan payments

Texans pay about 10% more in debt payments per month than the average for borrowers nationwide, according to a new study from LendingTree. The Lone Star State also tops every other state in the country for car payments.

Based on an analysis of 400,000 anonymized credit reports the company that matches home buyers with mortgage lenders determined that nationally people paid an average of about $1,597 a month, up almost 1% from last year.

Texas debt payers weighed in at the eighth highest in the nation with $1,757 going toward paying down things like mortgages and loans on automobiles, personal debt, credit cards and education. When big-ticket home loans are taken out of the equation, Texans pay an average of $988 a month.

Debtors from Gen X had the highest debt payments nationally, partly because they are more likely to have mortgages, at $2,089 while millennials had average debt payments of $1,584, the study found.

“I expect overall debt balances to rise over the coming year, and I suspect that debt payments will grow, too,” said Matt Schulz, LendingTree’s chief credit analyst.

Californians have the highest average monthly debt payments of $1,939 a month, followed by residents of Colorado at $1,920 and Washington at $1,891.

West Virginians had the lowest monthly debt payments in the nation at $1,246, about 60% lower than Californians.

Breaking out the types of debt, the study found that Californians had the highest mortgage payments nationally, at an average of $3,189 a month. We all know Texans like a pricey pickup truck, and truck debtors in the Lone Star State top the national list with the highest auto loan payments, at $829 a month.

Subscribe to SA Current newsletters.

Follow us: Apple News | Google News | NewsBreak | Reddit | Instagram | Facebook | Twitter| Or sign up for our RSS Feed

Related Stories

Texans who smoke lose out on $3.5 million over a (shorter) lifetime, says new study

New York ranked in the top spot with an estimated $5.43 million economic loss per smoker.

Study: Texas ranks first when it comes to racial progress over past three decades

Despite those gains, gaps remain between white and Black Texans, and state leaders have show an unwillingness to remedy them.

Abbott orders Texas Capitol flags at full-staff for Trump inauguration. Because of course he does.

Abbott issued the order after Trump whined that Jimmy Carter’s death meant flags would be at half-mast for his big day.

Gov. Greg Abbott threatens to fire Texas A&M president over alleged DEI event

Abbott doesn’t have the power to directly fire President Mark Welsh III, but he appoints the people who do.

This article appears in Jan 8-21, 2025.