Over the course of a lifetime, the typical American will end up paying $US279,002 in interest on their loans.
And if you live in Washington D.C., that number is even higher.
According to a Credit.com study, a typical D.C. resident will pay $US451,890 in interest over the course of their lifetime. < rephrased bc “lifetime cost of debt” is v unclear
Iowa, on the other hand, is the state with the lowest lifetime cost of debt — meaning a typical resident will pay $US129,394 in interest.
If you’re thinking of running away from your debt, to, say, Hawaii, think again. The Aloha State actually has the third highest cost of lifetime debt ($US312,747).
You might want to retreat to the Midwest instead — think Wisconsin — or some parts of the East Coast like Maine and Pennsylvania.
Here are the 10 states with the highest lifetime cost of debt:
And here are the 10 states with the lowest lifetime cost of debt:
To see the full methodology, visit Credit.com.