How Much Has Household Debt Risen in Minnesota?

This past weekend was quite possibly the last “good” weekend for those to be outside who don’t love the winter months in Minnesota. And even if you love the colder weather, we’re all bracing for the bitter side of Old Man Winter.

Get our free mobile app

Another thing that people are bracing for right now is Christmas Shopping. Last week, I wrote about how holiday spending would be affected this year from information from Wallethub.

Obviously with a name like Wallethub, their main focus is money.

They’ve produced another interesting topic, where each state in America ranks when it comes to increased debt. Wallethub used data from TransUnion and the Federal Reserve.

That data says that household debt in American for the third quarter of this year exceeded 17.9 trillion dollars. They looked at which states saw the most increase during the third quarter and which had the least amount of debt earned.

Minnesota has the 17th largest debt out of the 50 states according to the data. The average debt in Minnesota increased by $703 in the third quarter.

The average household debt in Minnesota totals $165,363, that’s $16,005 over the average for the United States.

These numbers are much higher than the neighboring states to Minnesota. For instance, South Dakota has the 29th largest debt increase. The average household debt in South Dakota is $128,362, that’s an increase of $546 in the third quarter.

North Dakota is faring a little bit better; their third quarter debt went up $535 to $125,936. Wisconsin ranks 33rd with an average household debt of $125,691.

Iowa was even further down the list, coming in 38th. That state had an average increase of $481 during the same period. The average household debt in Iowa is $113,224.

The states with the highest increase in debt Hawaii, California, Colorado, Utah and Washington, in that order. The five states with the lowest increase of debt in the third quarter were Kentucky, Arkansas, Oklahoma, West Virginia and Mississippi.