With U.S. household debt topping $17.9 trillion in the third quarter of 2024, states like Pennsylvania have also seen notable debt increases, though at a slower rate than many states.
WalletHub’s latest report on debt changes ranks Pennsylvania in the lower half of U.S. states for debt growth, suggesting residents may be managing their financial burdens more conservatively.
Just the Facts
• Increase in Pennsylvania Debt: On average, household debt in Pennsylvania increased by $531 in the third quarter of 2024.
• Average Household Debt in Pennsylvania: Households in Pennsylvania carry an average debt of $124,929.
• National Debt Ranking for Pennsylvania: Pennsylvania ranks 34th in debt growth, indicating a smaller increase than most states.
National Trends and Statistics
• Household Debt Growth Nationwide: Overall, U.S. household debt rose by $83 billion in the third quarter, about 6% below the peak from 2008.
• Average Debt per Household: At the end of the third quarter, the average U.S. household debt reached $149,358, still below its historical high.
• Debt-to-Deposits and Debt-to-Assets Ratios: Even with rising debt, national ratios remain lower than in the early 2000s, suggesting some financial resilience among U.S. consumers.
Why It Matters: For Pennsylvanians, a relatively smaller debt increase could indicate more cautious spending or stable economic conditions in the state. Although household debt continues to rise, Pennsylvania residents may be in a stronger position than those in states with higher debts. This steadiness may offer a degree of financial security amid potential economic fluctuations on the horizon.
