San Antonio Residents Grapple with Increased Personal Debt in Q1
In the wake of continued inflationary pressures, residents of San Antonio experienced a significant growth in personal debt during the first quarter of 2024 according to a new study from financial research platform, WalletHub. The average unsecured personal loan debt among residents elevated by 8.32% when compared to the first quarter of 2023, standing at an alarming $6,249.
City’s Personal Debt Ranking
Researchers found that, with respect to the nationwide tally of average individual personal loan debt, San Antonio is ranked 30th. “This trend suggests an increasing desperation among people to borrow money. However, it’s also crucial to consider related factors like credit scores and rate of delinquencies to fully comprehend the implications,” stated WalletHub editor, John Kiernan.
Kiernan further added, “People in different cities are handling their growing debt loads in distinct ways. In some instances, a rise in debt might signal an enhancement in creditworthiness.”
The Texas Scenario
Compared to San Antonio, Austin reported a higher average personal loan debt standing at $7,874Nevertheless, Austin residents managed to score better on the list due to the fact that the average represented a near 1% decrease from the same period in 2023. Lubbock, another Texas city that saw an improvement, reported a 1.47% slide in debt to $4,960.
National Trends
In stark contrast, Detroit recorded the biggest surge in personal loan debt with an 18% increase. Wichita, Kansas, and Madison, Wisconsin, reported the second and third highest spikes in debt at 15.8% and 15.5% respectively. On the other hand, Scottsdale, a suburb of Phoenix, demonstrated the highest average personal debt by dollar amount at $13,808, even though that figure signified a nearly 2.1% decrease.
San Antonio’s Credit Card Debt
Earlier in March, WalletHub reported statistics related to cities’ credit card debt. San Antonio secured the 116th spot in increased debt generated from credit card usage. The city’s household credit card debt grew by $1,072, leading to an average of $14,153 in the first quarter, in contrast to the same period of last year.
Additionally, total credit card debt in San Antonio jumped up by $582 million for the first quarter, finishing at a striking $7.7 billion. As San Antonio residents grapple with these increasing debt levels, one hopes for more initiatives that can provide financial relief and better money management strategies.
