LITTLE ROCK, Ark. – A study published Wednesday shows that if an Arkansan is feeling overextended on their car loan, they are just participating in a state trend.

A study by the consumer finance site WalletHub ranked Arkansas third among the 50 states and the District of Columbia as a place where people overspend the most on car loans.

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The study’s authors divided the median car loan debt by residents’ income to develop rankings.

For the Arkansas ranking, the authors found that Arkansans have the 10th highest average auto loan debt amount, at $20,662, and the second-lowest household median income, at $48,461. This renders an auto loan debt average of 43% of median household income, the third-highest in the country.

The study’s authors also noted that Arkansas is fourth-highest among the 50 states and the District of Columbia for auto loan delinquency at 2.06%. The authors said this reflects the typical “massive” average monthly car payment in Arkansas of $815.15.

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“With vehicles having become progressively less affordable in recent years, many consumers have unfortunately been forced to take out auto loans that are too large relative to their incomes,” WalletHub analyst Chip Lupo said. “Borrowing too much for cars has led to many people having trouble paying back their debts as a result.”

Lupo continued that the debt-to-default ratio is predictable.

“This is evident in the fact that the states where the average auto loan debt is the highest relative to the median income are also among the states with the highest auto loan delinquency rates,” he said.

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Arkansas ranked third, behind first place Mississippi and second place New Mexico, in terms of overspending. The District of Columbia had the lowest overspending ranking in the study, at 51.