Surprising Debt Stats: Louisiana Keeps Its Finances in Check

If you added together the credit card debt of every person in America you'd have about $1.2 trillion in debt, $1.7 for auto loans, and for personal loans well, the number is in the hundred billion ballpark. Inflation has undoubtedly been a driving factor in adding more debt to the tally but since 2013 consumer debt in America has steadily increased.

With debt only increasing WalletHub compiled a study of all states to see how much debt they've added from last year to now.

Despite debt rising, rapidly in some places, the residents of Louisiana avoided skyrocketing their debt to the moon.

Louisiana Had the 18th Least Debt Added

Of all 50 states, Louisiana added very little to our consumer debt, only placing 33rd place for most debt added. A surprising outcome for a state where nearly half of the credit cards are at least 30 days behind on payment.

The very little added to Louisiana's debt could be seen as a sign that under the weight of inflation, Louisianians are slowing down the amount they add on to their debt to focus on fixing their credit, or just simply getting on track with delinquent payments.

Despite having added little to the overall debt Louisiana still is among the states with the most financial distress, defined as an account having payments deferred or put in forbearance because of financial issues. Adding very little to the debt is surely a good sign towards fixing these economic problems that plague the great Pelican state.