ST. LOUIS – Household debt continues to rise across the United States, reaching over $17.9 trillion across the United States through the third quarter of 2024. Within the recent rise, Missouri is among the states that has seen the smallest debt increases.
WalletHub reports that Missouri ranks 14th among the states with the smallest debt increases. The new report was released on Thursday and used the latest data from TransUnion and the Federal Reserve to compare the largest and smallest debt increases from the second quarter to the third quarter of 2024 across each state.
According to WalletHub Analyst Chip Lupo, a big increase in the average household debt can be a sign of residents struggling financially. The increase in household debt can damage credit scores and can cost residents more money through interest and fees.
Within the report, Missouri sits at No. 37, ahead of Iowa and below Nebraska. The average debt in Missouri increased by a total of $488 in Q3 2024, with the average household owing $114,746 in debt, according to WalletHub.
According to WalletHub, Illinois is the 27th most indebted state, with an average household owing $130,795 and an average debt increase of $556 in Q3 2024.
Hawaii topped the list, seeing a $1,169 increase in debt, followed by California, Colorado, Utah, and Washington. The state that faced the lowest rise in debt was Mississippi, which saw an increase of only $330 in household debt.
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