IN OTHER NEWS – A new study finds that Georgia ranks in the top 10 among the states where consumer debt is increasing the most.
Release:
Americans owe nearly $2.9 trillion in auto loans and credit card debt alone. In light of this, WalletHub has released an updated report revealing the States Where Consumers Are Adding the Most Debt to highlight areas where people are struggling the most. The study ranks the states with the largest increases in credit card, auto loan, and personal loan debt from Q3 2024 to Q4 2024, based on WalletHub’s proprietary data. This report comes right after our most recent study of the HouseholdDebtReport.
Georgia Stats
- Overall Rank: 8th
- Credit card debt: The average credit card balance in Georgia increased by 3.70% from Q3 2024 to Q4 2024, and reached $8,657.
- Auto loan debt: The average auto loan balance in Georgia increased by 0.08% from Q3 2024 to Q4 2024, and reached $28,377.
- Personal loan debt: The average personal loan balance in Georgia decreased by 1.42% from Q3 2024 to Q4 2024, and reached $12,947.
For the full report, please visit:
https://wallethub.com/edu/states-where-consumers-are-adding-the-most-debt/133119
National Stats (Inflation Adjusted)
- Year-End Debt Results: Total household debt increased by $28 billion during 2024, which is roughly $1 trillion below the record from 2008.
- Household Average: The average household owed a total of $149,997 at the end of 2024, which is $12,875 below the all-time high.
- Total Debt-to-Deposits Ratio: The ratio of total household debt to deposits indicates consumers are in good shape, as it’s still below pre-Covid levels and roughly 47% lower than its early 2000s peak.
- Total Debt-to-Assets: The ratio between total household debt and assets continues to be at a very healthy level of around 9.5%.
