California Had The Second Highest Debt Increase
California Ranked as the State with the Second-largest Debt Increase, Amounting to $988 per Household
Americans are burdened with hundreds of billions of dollars in personal loan debt, prompting personal-finance websites to release their latest reports on the States with the highest personal loan debt. The reports, accompanied by expert commentary, shed light on regions where individuals face significant financial challenges. These rankings are based on the largest increases in personal loan debt, derived from its proprietary consumer data spanning from Q3 2022 to Q3 2023.
California Statistics:
Change in Average Unsecured Personal Loan Amount: California witnessed a 1.04% decrease in the average unsecured personal loan amount in Q3 2023 compared to Q3 2022.
Average Unsecured Personal Loan Amount: The average unsecured personal loan amount in California was $12,586 in Q3 2023.
Overall Rank for California: 27th
In Q3 2023, California ranked as the state with the second-largest debt increase, amounting to $988 per household. Its appeal as a desirable place to live contributes to a pricey housing market, driven by limited housing availability, soaring demand, and stringent zoning regulations. These factors compel some residents to lean more heavily on credit to cover their expenses.
California is susceptible to various natural disasters, including wildfires, earthquakes, and droughts. The aftermath of these events often incurs substantial costs, prompting affected residents to accumulate debt in efforts to restore and reconstruct their homes and livelihoods.
