BOSTON — Americans owe more than $2.7 trillion on their auto loans, credit cards, and personal loans but some cities are accumulating new debt at a much faster rate than others.
A new report published by WalletHub recently looked at 100 of the largest U.S. cities based on consumer debt data in the first half of 2024 and Boston was ranked the top city where Americans are adding the most debt.
According to the report, Boston saw a 6% increase in credit card debt, from Q1 2024 to Q2 2024 rising to $9,096.
The average Bostonian’s personal loan balance increased by around 3.5% during the same period, reaching $12,440.
“This was the third-largest increase in the country, and residents’ average personal loan debt is the 12th-highest among 100 of the largest cities,” WalletHub said.
In addition, the average auto loan balance in Boston went up to $23,649 in Q2 2024, increasing by 1%.
To view the full report, visit the link here.
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