Maine Added the 4th Most Personal Loan Debt in the US in 2023

I generally try to keep my articles both positive and interesting, but sometimes I come across data that is just…interesting.

This is not a news flash by any means, so you're likely aware that Americans have accumulated hundreds of billions of dollars in personal loan debt, especially over the last few years with the inflation crisis.

According to WalletHub’s recent report, Maine ranked #4 in the country for residents that appear to be struggling the most. If you’re familiar with Maine’s housing market, you are probably aware that current rent prices exceed the majority of people’s ideal rent-to-income ratio. According to Experian, renters should try to not spend more than 30% of their monthly income on rent, which is flat-out impossible for many Mainers at this time.

According to WalletHub’s recent study, Maine’s average personal loan amount increased by 6.59% in Q3 2023 compared to Q3 in 2022. When you break it down to a dollar amount, the average loan debt in Maine was $10,712.

WalletHub editor John Kiernan also shared the interesting stat that even in the current inflated market, only 18 states had increases. While Mainers are certainly feeling the pinch these days, he stated that Montana appears to be experiencing the most financial difficulties in the country with an increased debt by a whopping 31%, putting them at an average of $12,817.

Although it’s unlikely that we will see any impactful relief in the immediate future, News Center Maine recently reported that state lawmakers are planning to make the current housing crisis in Maine a priority.