New research has revealed the states seeing the biggest increase in debt over the last ten years.
The study by Debt Relief Karma analyzed government data from the Federal Reserve Bank of New York on per capita debt across all 50 states to identify where Americans have experienced the most substantial debt growth over both five-year and ten-year periods.
Wisconsin’s Findings
Wisconsin residents have experienced the 33rd largest percentage increase in personal debt in the last decade, rising 28.57% from $36,930 per capita in 2013 to $47,480 in 2023. This change represents an absolute increase of $10,550 per resident over the ten-year period.
Top 10 States by Debt Increase (2013-2023)
| Rank | State | 2013 Debt per Capita | 2023 Debt per Capita | Dollar Increase | Percentage Increase |
| 1 | Utah | $50,330 | $80,240 | $29,910 | 59.43% |
| 2 | Texas | $35,550 | $56,560 | $21,010 | 59.10% |
| 3 | Idaho | $41,800 | $65,480 | $23,680 | 56.65% |
| 4 | Colorado | $59,870 | $90,760 | $30,890 | 51.60% |
| 5 | Nevada | $45,270 | $68,040 | $22,770 | 50.30% |
| 6 | Tennessee | $35,600 | $53,270 | $17,670 | 49.63% |
| 7 | South Carolina | $38,060 | $55,610 | $17,550 | 46.11% |
| 8 | Mississippi | $27,070 | $39,510 | $12,440 | 45.95% |
| 9 | Montana | $39,460 | $57,070 | $17,610 | 44.63% |
| 10 | Arizona | $46,950 | $67,270 | $20,320 | 43.28% |
Utah residents now carry an average debt of $80,240 per person, up from $50,330 in 2013, representing an increase of $29,910 or 59.43%. Utah’s current per capita debt of $80,240 is high, though Colorado ($90,760) and California ($85,050) have even higher absolute levels.
Texas has experienced a nearly identical percentage increase at 59.10%, with per capita debt rising from $35,550 to $56,560 over the ten years studied. This represents an absolute increase of $21,010 per resident, placing Texas among the states with the highest absolute dollar increases in debt.
Idaho ranks third for percentage increase, with resident debt growing 56.65% from $41,800 to $65,480 over the decade. The state has experienced the fourth-largest dollar increase at $23,680 per capita.
Colorado residents have seen the largest absolute dollar increase in debt at $30,890 per person, bringing the average debt per resident to $90,760, which is the highest figure among all states in the study. This represents a 51.60% increase since 2013.
Nevada completes the top five with a 50.30% increase, raising average resident debt from $45,270 to $68,040 – a dollar increase of $22,770 per person.
Tennessee ranks sixth with a 49.63% increase, followed by South Carolina (46.11%), Mississippi (45.95%), Montana (44.63%), and Arizona (43.28%).
Andriy Nezdropa, CEO of Gravis Group and founder of Debt Relief Karma, commented on the findings, “For those in extreme debt, it can sometimes feel like there is no way out of it. However, there are a few methods that can help.”
“Creating a detailed budget that tracks all income and expenses is an important first step that many people skip. This gives you a good idea of where your money is going and identifies potential areas to cut back.”
“Debt consolidation can be an effective tool for many people, especially those with high-interest debt spread across multiple accounts. By combining these debts into a single loan with a lower interest rate, you can reduce your monthly payments and possibly save thousands in interest over time.”
Nezdropa also recommends prioritizing emergency savings while paying down debt. “Even a small emergency fund of $1,000 can prevent you from relying on credit cards when unexpected expenses arise. Once that’s done, you can focus on paying off your highest-interest debts first while making minimum payments on other accounts.”
“The big increase in debt across most states is concerning, especially if debt growth outpaces inflation and relative wage increases. For those feeling overwhelmed, seeking professional help through credit counseling services can provide personalized guidance and strategies for managing debt.”
