NJ Named In Top 10 List Of States Where Debt Increasing The Most
It's getting harder and harder for anybody to make ends meet these days. In this current economy, you're either doing really well or trying to stay afloat. Multiple sources suggest it's all based on when or if you've already purchased a home.
For people who bought their homes from prior to 2021, chances are you're doing okay right now.
With the cost of rent skyrocketing, the prices of homes going through the roof, and the rising interest rates, it's a wonder anyone not bringing home more than $200k per household is even making it.
The inflation issue isn't helping folks in the Garden State, either.
According to a recent study, New Jersey residents aren't able to do much in terms of decreasing their debts. On the contrary, the debt issue in the Garden State is getting progressively worse.
The folks over at WalletHub recently examined all the states in the US to determine where people were struggling the most with debt. Guess what, New Jersey? We made the the top 10. That's NOT a good thing.
Out of all the states in which debts are increasing the most, New Jersey ranks at number 7. Yeah... that's not good. Is it surprising? Not in the slightest. With the Garden State being so costly to maintain a decent life, it's no wonder credit card debt is on the rise.
National Debt statistics:
-Year-End Debt: U.S. households ended 2023 with $38 billion more debt than they had at the beginning of the year. Believe it or not, that's a HUGE improvement.
-Household Average: The average household owed a total of $146,084 at the end of 2023.
-Total Debt to Assets: The ratio between total household debt and assets has increased. It reached 10.3%.
When it comes to New Jersey, everything has gone up.
New Jersey's debt statistics:
We already know credit card debt is serious here in the Garden State. The study shows that credit card balances in New Jersey have increased by 5.08%, bring it to $8,163.
The average auto loan debt didn't increase by much, only .63%, but that's still an increase.
Personal loan debt has increased by over 1%. Again, not by much, but an increase is an increase.
So, when people say they're struggling, if this study is any indication, it's best you take them at their word. It's rough out here.
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Gallery Credit: Kyle Matthews