Debt Increasing? Residents Of This North Carolina City Are Accruing the Most Debt

Greensboro and Raleigh are the worst, with the other three cities well within the bottom percentage.Photo byTown Talks

As many Americans feel the pressure of rising costs, a new report from WalletHub reveals alarming trends in debt accumulation across the country. It's easy to see polished lives on social media and wonder how people are managing. The truth is, that many may be accumulating debt faster than they can pay it off.

National Debt Overview:

• Total Debt: Americans owe more than $2.7 trillion on auto loans, credit cards, and personal loans.
• Breakdown:
• • Credit Card Debt: $1.1 trillion
  • Auto Loans: $1.6 trillion
  • Personal Loans: Several hundred billion dollars
• Recent Increase: In 2023 alone, total household debt increased by $39 billion.

Cities Adding the Most Debt: WalletHub's latest report ranks 100 of the largest U.S. cities based on the increase in debt (credit card, auto loan, and personal loan) from Q1 to Q2 of 2024. Here's how North Carolina cities fared:

• Greensboro: Ranked 7th
• Raleigh: Ranked 25th
• Durham: Ranked 73rd
• Charlotte: Ranked 87th
• Winston-Salem: Ranked 100th

Analysis:

• Greensboro and Raleigh: Among the top cities where debt is increasing the fastest, raising concerns about financial stability in these areas.
• Winston-Salem: Remarkably, this city ranks last, indicating residents may be managing their finances better than in other cities.

As debt continues to grow at an alarming rate, it's crucial to be mindful of financial health. While it’s tempting to splurge, the report highlights the importance of keeping an eye on debt accumulation, especially in high-ranking cities like Greensboro and Raleigh.