Maine, a state that has some of the highest taxes and electricity costs in the country, can also now count itself among the states with the highest levels of consumer debt, according to a new analysis from WalletHub.
Mainers saw their average credit card balance climb by 7.27 percent in the span of a single quarter, reaching $6,903. Meanwhile, auto loan balances inched up by 1.12 percent, landing at $24,496, and personal loan debts rose by 3.72 percent to $10,389.
The fintech firm’s latest report found that the overall debt load carried by residents of Maine is the fourth highest in the country, trailing behind Delaware, Alaska, and Florida.
On a national scale, U.S. households concluded 2023 shouldering an additional $38 billion in debt, marking an 89 percent improvement from the previous year’s increase.
Americans now owe more than $2.7 trillion in auto loans and credit card debt.