Average Household Consumer Debt Is Increasing In New York State

By all accounts, the economy has been improving steadily since the end of the COVID-19 pandemic.

However, one of the by-products of the economy bouncing back from the record lows a few years ago is the rampant inflation that has impacted the country.

Additionally, even though unemployment rates are near record lows, income levels have not been keeping pace with inflation, causing many people around the nation to rely on consumer debt, including credit cards, to try and make ends meet.

Using consumer finance data that's available from the US Federal Reserve, U.S. Census Bureau, and TransUnion, WalletHub took a look at exactly how much debt people around the country have been racking up.

How Bad Is Consumer Debt Getting In The US?

The available data shows that Americans have charged up more than $17 trillion in debt in the 3rd quarter of 2023 alone. Several states saw residents amass billions in debt during July, August, and September this year.

People in the Empire State have done their fair share to add to the tremendous amount of debt that has been amassed.

How Much Consumer Debt Have New Yorkers Racked Up?

New York residents are estimated to hold nearly $1 trillion in debt. Over the third quarter of 2023, debt levels increased by more than $4 billion.

Using this information, the average person living in the Empire State holds more than $130,000 in debt, and the trend shows that this number will not decrease anytime soon.

The Federal Reserve Bank of New York expands on this data in its quarterly Household Debt and Credit Report released earlier this month.

The data collected and aggregated by WalletHub is pretty interesting; you can check out the full report here.