By Hank Russell
A recent report found that New York had the fourth-highest increase in debt from the second to third quarter of 2025 and was one of four states in which their household debt exceeded $1 trillion.
According to a report from WalletHub — based on data from TransUnion and the Federal Reserve — New York State had a total household debt of $1,065,044,520,720. California had the highest household debt with $3,169,057,752,530. Texas was second with $1,328,447,465,503 and Florida had the third-highest debt burden with $1,200,408,410,946. Wyoming had the lowest total debt with $4,480,165,609.
New York also saw its debt go up by $3,974,960,347 from Q2 2025 to Q3 2025 — the fourth-highest in the nation, WalletHub said. California saw the biggest quarterly increase with $11,827,560,874, followed by Texas ($4,958,033,111) and Florida ($4,480,165,609). Again, Wyoming had the lowest increase with $121,176,981.
However, the state was 22nd with debt for each household and per-householfd debt increase. In New York, the average household owed $152,943. That is below the national average of $154,152. A household in Hawaii paid the highest debt with $287,742 and Mississippi households had the lowest debt ($81,061).
WalletHub also reported that debt per household in New York went up $518. The state with the highest increase was Hawaii ($975) and Mississippi had the lowest with $275.
“A big increase in a state’s average household debt can be a sign that residents are struggling financially,” said WalletHub analyst Chip Lupo. “For example, inflation may be pushing people to borrow more just to afford necessities. However, residents of some states may be able to handle an increased debt load well, which is why it’s important to also consider delinquency rates to see whether people have enough income and good enough budgeting skills to keep up with higher loan payments.”