Study: Texas ranks 9th among states where consumer debt rising most

SAN ANTONIO (KTSA News) — The Texas economy is strong with many jobs being created, but also on the rise in the Lone Star State is consumer debt.

A new study from WalletHub ranks Texas at No. 9 in rising consumer debt, a dynamic driven by two values:

Change in Average Debt – Total Points: 70

• % Change in Average Credit Card Balance Q4 2023 vs Q3 2023: Full Weight (~23.33 Points)
• % Change in Average Auto Loans Balance Q4 2023 vs Q3 2023: Full Weight (~23.33 Points)
• % Change in Average Personal Loans Balance Q4 2023 vs Q3 2023: Full Weight (~23.33 Points)

Average Debt – Total Points: 30

• Average Credit Card Balance in Q4 2023: Full Weight (~10.00 Points)
• Average Auto Loans Balance in Q4 2023: Full Weight (~10.00 Points)
• Average Personal Loans Balance in Q4 2023: Full Weight (~10.00 Points)

Texas was ranked 13th in Change in Average Debt, and then fell in at 11th in Average Debt.

Across the nation, Americans now have over $1.1 trillion in credit card, and an astounding $1.6 trillion in auto loan debt.

That last category is compelling due to how fast it is rising. The collective auto loan debt in the U.S. has increased around 50% since 2012.

Some states are adding to their debt much faster than others, and you can see the entire breakdown by clicking here.