With the overall consumer debt exceeding $17.3 trillion in Q3 2023, the personal-finance website WalletHub today released its rankings of the States with the Largest & Smallest Debt Increases, based on recently released data from the Federal Reserve.
- Increase in Georgia Debt: The average debt in Georgia increased by $2,176,204,450.30 in Q3 2023.
- Average Georgia Household Debt: The average household in Georgia owes $133,405 in debt.
- Georgia Rank: Georgia’s debt increase ranks as the 26th highest in the nation.
- Face Value: Household debt is at a record high ($17.3 trillion), but when you adjust for inflation, the total is 7% below its peak from 2008.
- Projection: U.S. households will end the year with $350+ billion more debt than they started with, WalletHub now projects.
- Household Average: The average household owed a total of $145,319 at the end of Q3 2023, only $13,631 below WalletHub’s projected breaking point for household finances.
- Total Debt to Deposits Ratio: The ratio between total household debt and deposits has been going down over the years, and it is still below pre-Covid levels as well as roughly 53% below the peak from the early 2000s.
- Total Debt to Assets: The ratio between total household debt and assets has been dropping steadily, reaching 9.8% in Q3 2023, which is about 42% below the peak