If your credit card bill has been giving you side-eye lately, you’re not alone. A new study found that Americans are carrying a lot more debt than they were ten years ago, and in some states, it’s growing fast.
Utah, Texas, and Idaho top the list, with debt levels climbing more than 50% over the last decade. But before we all start spiraling, let’s talk about what those numbers mean and what you can do about it.
Breaking Down the Numbers
A study, shared by Rethinking65, looked at how much total personal debt people carry (think mortgages, car loans, student loans, and credit cards) and then divided that number by the number of adults in each state.
That gives you an average “debt per person” number — or, in finance speak, debt per capita.
Here’s what it looks like:
- Utah: In 2013, the average person in Utah carried about $50,000 in total debt. By 2023, that number jumped to roughly $80,000 — an increase of about 59%.
- Texas: Texans went from around $35,500 per person to $56,500 — also about a 59% jump.
- Idaho: Average debt climbed from $41,800 to $65,500, a 57% increase.
- Colorado: Residents already carried higher debt levels — around $60,000 in 2013 — but now average about $91,000 per person. That’s a 52% jump and the highest total of any state in the study.
- Nevada: Up about 50%, from roughly $44,000 to $66,000 per person.
Why This Is Happening
A lot of the jump comes down to a few familiar culprits:
- Housing costs have exploded. Home prices and mortgage balances are much higher than they were a decade ago. Not to mention insurance, HOA fees, and the many other expenses associated with homeownership.
- Living expenses (groceries, gas, utilities, medical costs) have gone up, while wages haven’t kept pace everywhere.
- Interest rates rose sharply over the last few years, meaning even small loans cost more to pay off.
So, while debt isn’t inherently bad (depending on the asset), it’s becoming harder for many households to keep things balanced.
What This Means for You
Even if you’re not in one of those “top five” states, this trend matters. It’s a reminder that debt is rising nationwide, and it’s worth keeping tabs on your own financial picture.
Here’s how to stay in control:
- Know your numbers.
Total up what you owe: mortgage, car, credit cards, student loans, buy-now-pay-later, everything. Awareness is half the battle. - Check your interest rates.
If any balance charges you over 10%, make that your priority. Paying those down first saves you money in the long run. - Build breathing room.
Even a $500 emergency fund can make a difference when life happens (and it always does). - Avoid comparison.
These “average” numbers don’t tell your story — they just help you understand the bigger picture. Focus on your own goals, not someone else’s headline.
A Quick Reality Check
It’s easy to look at numbers like “$80,000 per person” and feel overwhelmed, but keep in mind: that’s an average. It includes mortgages, which are often a sign of financial progress (you’re building equity).
The bigger concern is how that debt is structured — not just how big the number is. A $250,000 mortgage at a low rate is very different from $25,000 in high-interest credit card debt.
So instead of focusing on the total, focus on the mix:
- Is your debt helping you move forward?
- Or is it holding you back month to month?
Bottom Line
Debt is a normal part of life — but it shouldn’t run the show. The key is keeping it in perspective, especially as the cost of living continues to rise.
If your debt feels heavier than it used to, you’re not imagining it. The numbers back you up. But remember, you still have control over how you manage it, one decision at a time.
And if you ever need to hear it straight, your debt doesn’t define you. It’s just a number, and numbers can change.
Happy Couponing!
Chandler