BALTIMORE, MD—A recent MarketWatch Guides study found that Americans are entering 2024 with historic levels of debt — and residents of Maryland are feeling this pressure the most.
Maryland was ranked at No. 5 in the country for states with the most credit card debt. The study shows that the average Free State resident is $4,190 in debt.
U.S. household debt grew by $800 million from Nov 2022 to Nov 2023, reaching a record high of $17.3 trillion at the start of 2024.
Credit card debt saw the highest increase among all types of debt, increasing 16.6% from Nov. 2022 to Nov. 2023.
Eric Ridley, an attorney and expert in estate planning, probate, and asset protection, shared valuable tips for debt management:
- Pay down highest-interest debt first
- Build an emergency fund
- Negotiate your rates
- Find extra income
The full report is available online here at MarketWatch.
Photo via Pixabay
