Washington State is Drowning in Debt: Ranked 5th Worst in the USA
Funny, and you thought you were the ONLY ONE!
Washington State Ranked 5th Worst in the USA for Debt
Washington State has just been ranked as the 5th worst in the United States of America for total debt. The ranking was released by the website WalletHub after studying the borrowing and spending habits of all 50 states. They find that all the lending options for Americans are leading to a large increase for Americans in 2023. The study says that household consumer debt for Americans reached a record $17.29 trillion during the 3rd quarter of 2023 and shows no sign of slowing yet. More loans, fees, and higher interest rates have led to huge increases in some US states, and surprisingly most are located on the West Coast.
Washington, California, Hawaii, & Oregon in the Top 10 for Debt
Most of the worst states identified for debt are all located on the West Coast of the United States. Hawaii is ranked #1 with California coming in a close second. Washington is ranked 5th with Oregon landing at #10 on the list. Other western states that ended up high in the rankings for the most debt are Utah (4th), Alaska (11th), Idaho (9th), Arizona (14th), and Nevada (15th). Just looking at Washington State during the 3rd quarter of this year alone, the average household increased their debt by a total of $922 and a total of over $219,000 of total debt. WalletHub listed the total debt amount for Washington citizens in the 3rd quarter as $598,125,422,784, meaning an increase of $2,702,406,820. In their methodology for the study, Wallet Bub says they used "the latest data on consumers’ finances from TransUnion, as well as the Federal Reserve. All numbers are adjusted by inflation to November 1st, 2023."
Top 11 Worst States for Debt: Ranked by Average Household Increase
See the full list at WalletHub.com.