Maine ranks 4th in US for personal loan debt growth (6.59% Q3 2023 vs Q3 2022) due to housing market struggles and rising rent prices.

Maine ranks #4 in the US for personal loan debt growth, with a 6.59% increase in Q3 2023 compared to Q3 2022. The state's struggling housing market, where current rent prices exceed the majority of people's ideal rent-to-income ratio, contributes to the personal loan debt issue. WalletHub's report reveals that Maine's average personal loan amount increased in Q3 2023, highlighting the affordability challenges faced by many residents.