American Household Debt Surges Amid Economic Concerns


FILE - Credit cards as seen July 1, 2021, in Orlando, Fla. Many Americans say their household expenses are outpacing earnings in 2023 according to a new poll from AP-NORC Center for Public Affairs Research. (AP Photo/John Raoux, File)
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(AURN News) – As economic experts sound the alarm over the looming potential for a recession and the nation wrestles with the escalating challenge of stubborn inflation, a recent report by WalletHub sheds light on the significant variations in American household debt by state. According to data from the New York Federal Reserve, American household debt currently exceeds $17 Trillion. Some consumers, according to WalletHub, are “adding to their debt at an alarming rate.”

WalletHub, which is a personal finance website, released its latest findings Wednesday, indicating that consumer debt in the United States has reached unprecedented levels. The report analyzed data from all 50 states from TransUnion and the Federal Reserve.

Topping the list are Hawaii, California, and Colorado. Residents in Hawaii experienced the most substantial increase in consumer debt in the third quarter, with an average rise of nearly $1,100.

While some states grapple with soaring debt, others exhibit more favorable financial scenarios. The states with the highest concentrations of African American residents—Mississippi, Louisiana, and Georgia—show a mixed picture when it comes to household debt.

Mississippi ranks relatively low on the list, securing the 49th spot, with one of the lowest household debt averages at $91,217. Meanwhile, Louisiana holds the 44th position, with residents shouldering an average household debt of $107,582. Georgia ranks 26th, with its residents carrying an average household debt of $133,405.

Click play to listen to the AURN News report from Jamie Jackson:

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