How much debt does the average person in North Carolina owe?
Refreshed annually
People in North Carolina owed $61,100 in debt on average in 2025. Compared to the previous year, the average adult owed $620 more debt after adjusting for inflation, reflecting slight shifts in household borrowing patterns. This debt, often referred to as “household debt,” represents the total amount owed by individuals for obligations such as mortgages, student loans, credit cards, and auto loans.
These figures represent the average debt owed by North Carolina residents with a credit score. (Nationally, roughly 80% of adults have a credit score.) While this gives a general sense of the debt burden for North Carolina residents, remember that actual individual debt varies — some may carry much more or less debt than this average. Debt levels also fluctuate over time, especially during times of economic instability.
$61.1K
in debt owed by the average person with a credit score (2025)
$620
more debt owed by residents with a credit score (2025 vs 2024, adjusted for inflation)
Debt levels also fluctuate over time, especially during times of economic instability. According to the Federal Reserve Bank of New York, household debt increased in the early 2000s, largely driven by housing debts like mortgages. Following the downturn in home prices and the onset of the Great Recession in late 2007, people began paying off their existing loans while taking out fewer new loans, leading to a decline in overall debt levels.
In 2007, during The Great Recession — a debt peak for the US — North Carolina residents owed around $12,200 less in household debt than the average American. In 2025, they owed around $2,100 less.
The average person in North Carolina owed $2,100 less in debt than the average American in 2025.
Household debt per capita for people with a credit score, adjusted for inflation (2025)
How much do households in North Carolina owe in mortgage debt?
While household debt takes many forms — student loans, auto loans, credit card balances — mortgage debt accounted for around 67.5% of all household debt in North Carolina in 2025. Mortgages, typically loans taken to purchase homes, are often the largest and longest-term financial commitments for many households. The high cost of housing combined with extended repayment periods (usually five to 30 years) contributes to mortgage debts’ outsized share of overall household debt.
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Mortgage debt made up around 67.5% of all household debt in North Carolina in 2025.
Household debt per capita for people with a credit score
What is the debt-to-income ratio? How does it vary by county in North Carolina?
Another important aspect of household debt is the debt-to-income ratio. This ratio compares how much debt a person carries with how much income they earn in a year. If the ratio is greater than 1, it means that, on average, people owe more than they earn annually. This can indicate a heavier financial burden and make it harder to keep up with payments.
Debt-to-income ratios vary from county to county within a state because of differences in income levels, housing costs, and borrowing habits. In 2024, Camden County had the highest debt-to-income ratio in the state of 9.79. This means that for every $1 of income earned, the average resident in Camden County would owe $9.79. Alternatively, in Swain County, residents experience around $0.46 for every $1 of income, the lowest of any county in the state.
Camden County, NC had the highest debt to income ratio in North Carolina in 2024.
Annual household debt, excluding student loans, compared to annual household income
Debt-to-income ratio, by county (2024)
| County | Debt-to-income ratio | |
|---|---|---|
| 1. | Camden County, NC | 9.8 |
| 2. | Gates County, NC | 8.7 |
| 3. | Currituck County, NC | 7.0 |
| 4. | Hoke County, NC | 6.2 |
| 5. | Chatham County, NC | 5.9 |
| 6. | Pender County, NC | 5.9 |
| 7. | Franklin County, NC | 5.2 |
| 8. | Harnett County, NC | 5.1 |
| 9. | Perquimans County, NC | 5.1 |
| 10. | Caswell County, NC | 4.5 |
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Methodology
USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.
Page sources
USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.
