Georgians are taking on more debt at an alarming rate, landing the state in eighth place nationwide for fastest-growing consumer debt.
💳 What’s Happening: New data from WalletHub shows Georgia residents now carry an average credit card balance of $8,657. That marks a nearly four percent jump in just three months.
🚗 The Numbers That Matter: Car loans in Georgia now average $28,377. While that’s only a slight increase, it adds to the mounting financial pressure on families.
📊 Why It Matters: The debt surge comes as Americans collectively owe nearly $3 trillion in auto loans and credit cards. This growing burden threatens household financial stability across the state.
💡 What’s Different: There is one bright spot in the data. Personal loan debt in Georgia actually dropped by more than 1%, settling at $12,947.
🌎 The Bigger Picture: Nationwide, household debt grew by $28 billion dollars in 2024. But that’s still $1 trillion dollars below the record set in 2008.
🤝 Remember The Golden Rule: If you’re struggling with debt, reach out to credit counseling services. Many offer free guidance to help you create a manageable payment plan. Local non-profits can also connect you with financial education resources.
⏭️ What’s Next: Financial experts recommend creating a debt reduction plan that prioritizes high-interest credit cards while maintaining minimum payments on other obligations.
B.T. Clark
B.T. Clark is an award-winning journalist and the Publisher of The Georgia Sun. He has 25 years of experience in journalism and served as Managing Editor of Neighbor Newspapers in metro Atlanta for 15 years and Digital Director at Times-Journal Inc. for 8 years. His work has appeared in several newspapers throughout the state including Neighbor Newspapers, The Cherokee Tribune and The Marietta Daily Journal. He is a Georgia native and a fifth-generation Georgian.
