NBC6 anchor Trina Robinson talks to experts and finance gurus about the trends and the ever changing South Florida economy
Debt is a familiar topic for many Americans -- with about $1.1 trillion in credit card debt and more than $1.6 trillion in auto loan debt.
But, Floridians in particular apparently have their own reputation -- taking the No. 3 spot on a WalletHub ranking of states where consumers are adding the most debt.
The Sunshine State had a 7% increase in credit card debt, 0.2% for auto loans and 1.6% for personal loans from Q3 2023 to Q4 2023.
The average credit card balance rose to $7,939 -- one of the highest average balances in the country.
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Florida did have a less dramatic increase in auto loan debt, with the average balance increasing by just 0.18%, to $28,675. However, the fact that there was an increase at all is still noteworthy, considering that the average actually decreased in 20 states, researchers noted.
The average personal loan balance increased to $12,722, and although it was a remarkable increase, there are still quite a few states with higher balances overall, WalletHub added.
See below, a list of the top 10 states where consumers are adding the most debt:
| Overall Rank* | State | Total Score | Change in Average Debt Rank | Average Debt Rank |
|---|---|---|---|---|
| 1 | Delaware | 64.45 | 1 | 34 |
| 2 | Alaska | 63.83 | 8 | 2 |
| 3 | Florida | 60.86 | 11 | 4 |
| 4 | Maine | 60.58 | 3 | 32 |
| 5 | South Dakota | 60.21 | 2 | 36 |
| 6 | Maryland | 58.54 | 28 | 1 |
| 7 | New Jersey | 57.97 | 24 | 3 |
| 8 | Hawaii | 57.70 | 14 | 8 |
| 9 | Texas | 57.14 | 13 | 11 |
| 10 | South Carolina | 56.58 | 4 | 33 |
