NEW YORK (NEWS10) — New York’s average household debt is on the rise, reaching a new high of $53,830 at the end of 2021, according to a new report released by State Comptroller Thomas DiNapoli. According to the report, student loan and credit card debt were well above the national average, per capita, with student loan balances 335% higher than they were back in 2003.

“Households across the nation have record levels of debt, after a temporary decline at the onset of the pandemic in 2020,” DiNapoli said. “We’re seeing debt rise for New Yorkers with student loans, mortgages and credit cards. Borrowing can help individuals achieve their personal and financial goals, but high levels of debt can cause damaging long-term consequences. I urge policymakers to improve access for individuals and families to financial education resources, so they are better prepared to build a stronger financial future.”

National household debt totaled $15.6 trillion at the end of 2021, with New York households accounting for 5.6% of the national total, roughly $869.4 billion, ranking fourth nationally. According to the report, debt has increased 4% nationally and 2% in New York in the first two quarters of 2022, and is now the highest on record, topping previous highs from 2008. DiNapoli’s full report can be accessed here, for full details.