Bostonians have taken on more debt than any other U.S. city, report finds

Americans owe more than $2.7 trillion on their auto loans, credit cards and personal loans, and the personal-finance website WalletHub today released its report on the Cities Where People Are Adding the Most Debt to highlight emerging areas of concern.

WalletHub ranked 100 of the largest U.S. cities based on where credit card, auto loan, and personal loan debt increased the most from Q1 2024 to Q2 2024, using its proprietary data. You can see some highlights below.

For the full report, please visit:
https://wallethub.com/edu/cities-where-people-are-adding-the-most-debt/135923

Key Stats

• Q2 Results: Total household debt increased by $5 billion during Q2 2024, in contrast to a decrease of $174 billion in Q2 2023.
  
• Household Average: The average household owed a total of $148,266 at the end of Q2 2024, which is $13,868 below the all-time high.
  
• Total Debt-to-Deposits Ratio: Despite increasing recently, the ratio of total household debt to deposits indicates consumers are in good shape, as it's still below pre-Covid levels and roughly 46% lower than its early 2000s peak.
  
• Total Debt-to-Assets: The ratio between total household debt and assets continues to be at a very healthy level of around 9.8%.

For the full report, please visit:
https://wallethub.com/edu/d/household-debt-report/120725