Maryland Ranks 7th among the States with the Largest Debt Increases
With household debt exceeding $17.9 trillion in Q3 2024, the personal-finance website WalletHub today released its rankings of the States With the Largest & Smallest Debt Increases, based on new data from TransUnion and the Federal Reserve, to highlight where people may be in financial danger.
Maryland Stats
- Increase in Maryland Debt: The average debt in Maryland increased by $864 in Q3 2024.
- Average Maryland Household Debt: The average household in Maryland owes $203,351 in debt.
- Maryland Rank: Maryland’s debt increase ranks as the 7th largest in the nation.
National Stats
- Q3 Results: Total household debt increased by $83 billion during Q3 2024, which is roughly 6% below the record from 2008.
- Household Average: The average household owed a total of $149,358 at the end of Q3 2024, which is $13,357 below the all-time high.
- Total Debt-to-Deposits Ratio: Despite increasing recently, the ratio of total household debt to deposits indicates consumers are in good shape, as it’s still below pre-Covid levels and roughly 46% 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 9.7%.
Key takeaways and WalletHub commentary are included below in text and video format.
“A big increase in a state’s average household debt can be a sign that residents are struggling financially. For example, inflation may be pushing people to borrow more just to afford necessities. However, residents of some states may be able to handle an increased debt load well, which is why it’s important to also consider delinquency rates to see whether people have enough income and good enough budgeting skills to keep up with higher loan payments.”
– Chip Lupo, WalletHub Analyst