Florida’s debt has soared 41% over the past decade, according to new research from Debt Relief Karma.
In fact, the state has had the highest growth rate in personal debt over the past decade, ranking 12th in the nation.
The government data comes from the New York Fed on per capita debt in all 50 states, identifying where Americans experienced the largest increases in debt over both five-year and 10-year periods.
Florida survey results
Florida residents experienced the 12th largest increase in personal debt over the past decade, increasing by 41.83% from $41,170 per person in 2013 to $58,390 in 2023. This change represents an absolute increase of $17,220 per resident over 10 years.
Andriy Nezdropa, founder of Debt Relief Karma, says getting out of debt may seem difficult, but there are ways.
“For people who are in extreme debt, it can sometimes feel like there’s no way out of it. But there are some methods that can help. Creating a detailed budget that tracks all your income and expenses is an important first step that many people skip.” “Debt consolidation can be an effective tool for many people, especially those who have high-interest debt spread across multiple accounts. Consolidating these debts into a single, low-interest loan can lower your monthly payments and potentially save you thousands of dollars in interest over the long term,” he said.
Debt continues to rise due to the coronavirus pandemic as consumer confidence has weakened in recent days, and experts say the situation could get even worse for people shopping over the holidays as debt increases outpace inflation and relative wage increases.
