MIAMI—With Americans carrying nearly $1.7 trillion in auto loan debt averaging nearly $13,800 per household, WalletHub has released its latest report on the states where auto loan debt is decreasing the most.
WalletHub ranked the states experiencing the largest decreases in auto loan debt from Q3 2024 to Q4 2024.
“From Q3 2024 to Q4 2024, residents of most states either had a less than 1% decrease in their average auto loan balance, or actually had that average increase. A few states had more dramatic decreases, reaching over 3.5%, indicating that residents in some states may be scaling back due to the impact of rising car prices or realizing that their loan burdens are unsustainable.”