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.
South Dakota ranked 29th in the nation with an average household debt of $128,362. That is an increase of $546 from the previous year.
| Largest Average Household Debt Increase | Smallest Average Household Debt Increase | |
| 1. Hawaii | 41. Kansas | |
| 2. California | 42. Indiana | |
| 3. Colorado | 43. Ohio | |
| 4. Utah | 44. Alabama | |
| 5. Washington | 45. Louisiana | |
| 6. Massachusetts | 46. Kentucky | |
| 7. Maryland | 47. Arkansas | |
| 8. Virginia | 48. Oklahoma | |
| 9. Idaho | 49. West Virginia | |
| 10. Oregon | 50. Mississippi |
For the full report, please visit:
https://wallethub.com/edu/debt-changes-by-state/129889
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%.
