New Jersey makes the cut in another depressing economic study, this time in an interest report by the financial website Credit.com. But whether or not the data shine any real light on the Garden State is another story.The average American consumer will pay $279,002 in various forms of interest over the course of a lifetime, Credit.com found.
The average for New Jersey? A whopping $309,500, good for fourth place among states and the District of Columbia.
The high cost of housing is the main reason New Jersey was pushed near the top of the list, according to the report.
Not a real surprise, is that?
Residents of Washington, D.C. ($451,890), California ($368,745) and Hawaii ($312,747) are the only people in the country who will be spending more on interest payments than those in the Garden State, the report said.
The report determined its numbers using credit scores and mortgage sizes, among other factors.
Midwestern states spent the least on interest: Iowa ($129,394), Wisconsin ($137,174) and Nebraska ($144,127) came in at the bottom.
For the complete report, click here.
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