As Americans grapple with a growing financial burden, household debt in the U.S. topped $17.9 trillion in the third quarter of 2024.
WalletHub’s latest rankings show which states experienced the largest and smallest debt increases, and it places Georgia right in the middle, showing a moderate uptick but not leading the pack.
Just the Facts
• Increase in Georgia Debt: On average, Georgians took on an additional $577 in debt in the third quarter of 2024.
• Georgia’s Average Household Debt: The typical household in Georgia now holds $135,674 in debt.
• National Debt Ranking for Georgia: Georgia ranks 25th in debt increase, placing it near the squarely in the middle among U.S. states.
National Picture
• Overall Household Debt Increase: U.S. household debt grew by $83 billion in the third quarter of 2024, approximately 6% below the record high set in 2008.
• Average Household Debt Nationwide: By the end of the third quarter, the average U.S. household owed $149,358, still below the all-time peak.
• Debt-to-Deposits and Debt-to-Assets Ratios: Even with rising debt, these ratios indicate healthier consumer finances compared to pre-Covid levels, with the debt-to-deposits ratio about 46% lower than its early 2000s peak.
Why It Matters: For Georgians, this data offers a dual perspective. While household debt is rising, especially amid economic uncertainties, the fact that the state isn’t seeing the highest increases may indicate more stable finances locally than in some regions.
Go Deeper
B.T. Clark
B.T. Clark is an award-winning journalist with 25-years experience in journalism. His work has appeared in several newspapers throughout the state including Neighbor Newspapers, The Cherokee Tribune and The Marietta Daily Journal. He is the publisher of The Georgia Sun and a fifth-generation Georgian.
