Americans’ Debt Is Dropping: Report [Video]

Despite continuing concerns about inflation and high interest rates, Americans’ debt is actually dropping year-over-year, according to a LendingTree report.

LendingTree’s report, which was published earlier this month, found that non-mortgage debt declined by 10.6 percent from 2023 to 2024. That took it from $40,470 to $36,167 across all 50 U.S. states.

“Given the overall sentiment on the economy, it’s no surprise that Americans are cutting back on spending and focusing on paying down the debt they’ve accumulated in the years following the pandemic,” Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. “We’ve seen through data over the last year how consumers are finally waking up to the reality that they have larger debt loads mixed with higher interest rates, and that combination can be a dangerous one when trying to get their finances in order.”

Five states, Nevada, North Dakota, Mississippi, Oklahoma and Maryland, were able to …