The growing debt load carried by U.S. consumers is ringing alarm bells from Main Street to Wall Street. Data released this week by WalletHub paints a sobering picture of American credit health, with every state experiencing a decline in average credit scores over the last year.
Add WalletHub’s grim report to a roster of bad news for the state of American consumer. The latest quarterly Household Debt and Credit Survey from the New York Fed showed that total U.S. consumer debt was nearly $8 trillion at the end of the third quarter of 2024, a record high. A February 2024 report from Experian found that average total consumer household debt in 2023 was more than $104,000, up 11% over three years.
