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.
February 25, 2024
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