Floridians debt has skyrocketed is by 41% of the last decade according to new research by Debt Relief Karma.
In fact, the state ranks 12th nationally for the largest percentage increase in personal debt over the last ten years.
The government data comes from the Federal Reserve Bank of New York on per capita debt across all 50 states to identify where Americans have experienced the most substantial debt growth over both five-year and ten-year periods.
Florida’s Findings
Florida residents have experienced the 12th largest percentage increase in personal debt in the last decade, rising 41.83% from $41,170 per capita in 2013 to $58,390 in 2023. This change represents an absolute increase of $17,220 per resident over the ten-year period.
Andriy Nezdropa, founder of Debt Relief Karma while it seems tough to get out of debt, there is a way.
“For those in extreme debt, it can sometimes feel like there is no way out of it. However, there are a few methods that can help. “Creating a detailed budget that tracks all income and expenses is an important first step that many people skip. “Debt consolidation can be an effective tool for many people, especially those with high-interest debt spread across multiple accounts. By combining these debts into a single loan with a lower interest rate, you can reduce your monthly payments and possibly save thousands in interest over time,” he said.
Debt continues to grow, coming out of the COVID pandemic, as recent consumer confidence has shrunk, and experts say things may get worse for those shopping over the Christmas holidays, as debt growth outpaces inflation and relative wage increases.
