Hawaii Leads U.S. in Surging Household Debt as High Costs Outpace Incomes
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Hawaii has seen the largest increase in household debt, rising by $1,093 per household between July and September to an average of $260,299.
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California, Colorado, Utah, and Washington have also seen large increases in average household debt in the last quarter.
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West Virginia has had the slowest growth in household debt, with an average increase of only $375 per household.
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High cost of living in states like Hawaii and California is likely contributing to rising debts as residents struggle to afford housing and other expenses.
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Despite rising interest rates, U.S. consumer spending has remained resilient with GDP growing 4.9% in Q3, the fastest pace in nearly 2 years.