Florida ranks third on list of states where consumers are adding the most debt

Florida ranks third on list of states where consumers are adding the most debt

Debt is a familiar topic for many Americans — with about $1.1 trillion in credit card debt and more than $1.6 trillion in auto loan debt.

But, Floridians in particular apparently have their own reputation — taking the No. 3 spot on a WalletHub ranking of states where consumers are adding the most debt.

The Sunshine State had a 7% increase in credit card debt, 0.2% for auto loans and 1.6% for personal loans from Q3 2023 to Q4 2023.

The average credit card balance rose to $7,939 — one of the highest average balances in the country.

Florida did have a less dramatic increase in auto loan debt, with the average balance increasing by just 0.18%, to $28,675. However, the fact that there was an increase at all is still noteworthy, considering that the average actually decreased in 20 states, researchers noted.

The average personal loan balance increased to $12,722, and although it was a remarkable increase, there are still quite a few states with higher balances overall, WalletHub added.

See below, a list of the top 10 states where consumers are adding the most debt: