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Sat. Sep 21st, 2024
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This Wisconsin city had the third-highest increase in personal debt in 2024

By Matthew. Jr
This Wisconsin city had the third-highest increase in personal debt in 2024

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Last year, US credit card debt hit a record high of more than $1.1 trillion — and that’s just one type of personal debt people can rack up, with car loans, personal loans and mortgages often piling up .

Some cities are increasing their debt faster than others, according to a new analysis from WalletHub, a personal finance company. Madison residents, in particular, saw the third-highest increase in consumer debt of any major U.S. city in early 2024.

Milwaukee ranked 58th in the ranking of the 100 largest U.S. cities, which tracked consumer debt through the first quarter of fiscal 2024.

Here’s how much Madison residents are racking up their debt and which other cities came out on top in the analysis.

How much debt did Madison residents add in 2024?

To determine the overall ranking, WalletHub ranked each city based on the average debt owed on credit cards, personal loans and auto loans, as well as the percentage change in debt between Q1 and Q2 of 2024.

Although Madison residents have seen some of the largest increases in debt in the county, the city’s debt is still relatively lower than the rest of the country. The city ranked second for percentage change in average debt, but only 87th in average debt.

Average auto loan balances rose 3.9 percent in Madison, the largest increase among the 100 largest U.S. cities. However, the average balance only increased to $21,294, which is the 86th highest average in the country.

Similarly, average credit card balances rose to $6,074, a 3.2 percent increase. While the increase was the 12th largest in the country, the new average is only the 80th largest.

And the average personal loan balance in Madison rose 0.8 percent to $7,978 owed. This new amount is the 73rd highest in the country.

How much debt are people adding to in other US cities?

Boston and North Las Vegas, Nevada, led the way with the first and second highest increases in debt, respectively.

Milwaukee ranked 58th overall after ranking 31st in percentage change in average debt and third lowest for average debt. In other words, Milwaukee residents owe among the least average debt among the largest US cities.

Here are the top 10 US cities where people add the most debt:

  1. Boston
  2. North Las Vegas, Nevada
  3. Madison, Wis.
  4. Lubbock, Texas
  5. Gilbert, Arizona.
  6. St. Louis
  7. Greensboro, NC
  8. Aurora, Colo.
  9. Albuquerque, NM
  10. Los Angeles

More: Wisconsin has some of the highest credit scores in the US, a new report has found

By Matthew. Jr

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