Posted on 11/08/23
| News Source: FOX45
Maryland ranks among the top 10 states with the largest debt increase, according to a new WalletHub study.
According to new data recently released from the Federal Reserve, the overall consumer debt exceeds $17.3 trillion in third quarter of 2023.
Today the personal-finance website WalletHub released its rankings of the States with the Largest & Smallest Debt Increases based on the data from the Federal Reserve.
“The average household in Hawaii added $1,093 to their debt in Q3 2023, which puts the state at the top of the list for debt increases this quarter,” said Cassandra Happe, WalletHub analyst. “Hawaiians owed a total of $115.7 billion by the end of the quarter. By comparison, the overall debt for California was a staggering $2.9 trillion, but the state has a much larger population contributing to that figure, putting their debt increase at $988 per household. The debt increase for Coloradans came in at $978 per household, with a total debt of $482.3 billion for the state.”
The states with the largest debt increase include Hawaii, California, Colorado, Utah, and Washington.
West Virginia had the smallest household debt increase, followed by Mississippi, Oklahoma, Kentucky, and Arkansas.
“Technology has made it so we can easily borrow money anywhere, anytime. This is extremely convenient, but it can also come with a price. In just a few taps, consumers can access funds that would otherwise take days to get, but they also add to their overall debt in the process," according to Cassandra Happe, a WalletHub Analyst.