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People in Hawaii added the most debt per household during Q3 2023, according to a new report by the personal-finance website WalletHub, which compared the 50 states based on data from TransUnion and the Federal Reserve. West Virginia had the lowest ménage debt increase, followed by Mississippi, Oklahoma, Kentucky, and Arkansas. I would like to discuss about the states with the largest and smallest Debt Increases.
“The average ménage 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 critic. “Hawaiians owed an aggregate of $115.7 billion by the end of the quarter. By comparison, the overall debt for California was a stunning $ 2.9 trillion, but the state has a much larger population contributing to that figure, putting their debt increase at $988 per ménage. The debt increases for Coloradans came in at $978 per ménage, with a total debt of $482.3 billion for the state.”
Largest Increase per Household Smallest Increase per Household
1. Hawaii 41. Michigan
2. California 42. Kansas
3. Colorado 43. Alabama
4. Utah 44. Louisiana
5. Washington 45. Ohio
6. Maryland 46. Arkansas
7. Massachusetts 47. Kentucky
8. Virginia 48. Oklahoma
9. Idaho 49. Mississippi
10. Oregon 50. West Virginia
Residents in many other states saw substantially lower household debt increases than Hawaiians, Californians, and Coloradans. “Oklahomans added $419 to their debt per household, while Messapian’s had an increase of $383 per household,” Happe noted. “Yet the Mountaineers in West Virginia added a mere $375 per household to their debt, the smallest increase overall.”
With overall consumer debt topping $17.3 trillion and banks decreasing their physical footprint, it’s clear that many Americans are taking advantage of the variety of loan opportunities available on the market today. “Technology has made it so we can fluently adopt plutocrats anywhere, anytime. It is extremely accessible, but can also come with a price,” according to Happe. “In just many gates, consumers can pierce finances that would take days to get, but they also add to their overall debt in Process.”
Tips for Managing Your Debt
Create a Budget:
Your budget should outline your income, expenses, and debt obligations to create a clear picture of your financial situation. Look for places where you can reduce spending, such as canceling streaming services you no longer use or going out to eat less often, and funnel those savings to your outstanding debts. Once you have a plan, follow it as best as possible and review it periodically for additional cost-cutting opportunities.
Negotiate a Lower Interest Rate:
Reach out to your lenders and ask if they can lower your interest rate, saving you money in the long run. You may be able to negotiate more favorable terms if you have a good payment history with them. Another WalletHub survey found that 18% of people who asked for a lower regular APR received one. Your issuer may be unable to lower your rate, but it doesn’t hurt to ask.
Refinance or Consolidate Your Debt:
If you have multiple high-interest loans or credit card balances, consider consolidating your debts with a lower-interest personal loan or a balance transfer card with a 0% intro APR. If you take advantage of a 0% intro rate credit card, make sure to pay off your balance before the card’s high regular interest takes effect. You can use WalletHub’s balance transfer calculator to help plan how to leverage the best balance transfer offers.
Increase Your Income and Avoid New Debt:
You may be able to add some additional cash flow with a part-time job or side hustle, or you can consider a different job altogether that offers better pay. While paying down your existing debts, avoid taking on new debt if possible. This will help to keep your financial situation from worsening.
Seek Professional Help:
If you’re overwhelmed with debt and can’t see a way out on your own, consider seeking advice and assistance from a credit counseling agency or financial advisor. They can provide you with guidance and help you create a debt management plan for your specific situation. Some non-profit organizations also offer credit counseling and financial planning services for free or at a reduced rate.