(The Center Square) – Kentucky had one of the smallest personal debt increases over the past quarter, a new report shows.
According to WalletHub, a personal finance website, the average household debt in the Bluegrass State for the third quarter was $101,374, up just $426 from the second quarter of this year. That ranked fourth lowest among the 50 states.
The study used TransUnion and Federal Reserve data to compile its rankings. WalletHub also adjusted the figures for inflation as of Nov. 1.
The Federal Reserve reported the total household debt in the U.S. was $17.29 trillion for the quarter that ended in September. Mortgages comprise the vast majority of the debt, with home and property owners owing $12.14 trillion, up $126 billion from the previous quarter. Student loans account for $1.6 trillion, and credit card balances make up nearly $1.1 trillion of the debt.
The Federal Reserve also noted that most lenders reported higher delinquency rates in the third quarter. Student loans were an exception, as many of those had payments suspended through October due to the federal government’s COVID-19 relief program.
Kentucky’s total personal debt is $164.71 billion, ranking 30th among the states for the third quarter. That was up more than $744 million from the second quarter.
Among neighboring states, only West Virginia saw a lower per-household increase. The average debt was $89,203. That and the quarterly increase of $375 were the lowest of all states. Ohio came in 45th, with an average debt of $104,282, an increase of $438. Indiana ranked 40th at $112,884, up $474.
Virginia has the highest average debt of any state bordering Kentucky. It ranked eighth at $188,455, a $791 increase.
Hawaii was the state that had the highest average household debt at $260,299, which was $1,093 higher than the second quarter. California came in second-highest at $235,375 per household.
