Biggest Increases from Q3 2024 to Q4 2024
- Vermont – 7% increase in credit card debt, 4.8% for auto loans, 6.4% for personal loans
- New Hampshire – 5.5% increase in credit card debt, 0.2% for auto loans, 3% for personal loans
- Hawaii – 2.7% increase in credit card debt, 2.2% for auto loans, 1.5% for personal loans
Americans are widely recognized for carrying significant amounts of debt. As of now, we collectively owe over $1.2 trillion in credit card debt, nearly $1.7 trillion in auto loan debt, and several hundred billion dollars in personal loan debt.
What’s even more concerning than the overall debt amount is the rapid rate at which it’s growing. For instance, our national auto loan debt has surged from about $1.3 trillion to nearly $1.7 trillion since 2014, marking a nearly 29% increase in just ten years.
However, some states are experiencing a much faster rise in consumer debt than others. To highlight the states with the largest increases, WalletHub analyzed data on consumer debt from Q3 2024 to Q4 2024.
