US Household Debt Tops $17 Trillion; Hawaii and 14 Other States Face High Debt Burdens
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US household debt continues rising, with total balances over $17 trillion in Q3 2023, putting fiscal burden on many residents.
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15 states with the most debt per capita are Idaho, Connecticut, Arkansas, Nevada, New Jersey, Oregon, Alabama, Virginia, Massachusetts, Utah, Maryland, Colorado, Arizona, Washington, and Hawaii.
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Leading mortgage lenders like Rocket Mortgage, LoanDepot, and United Wholesale Mortgage aim to ease homebuying through strategic initiatives.
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The housing affordability crisis, with median home prices nearing $3,000 per month, has made homeownership difficult, especially for first-time buyers.
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The state with highest debt per capita is Hawaii at $113,770, while Maryland, Colorado, Arizona, and Washington also rank among the top 5.