DALLAS (KDAF) — Texans are carrying debt, and a new study confirms just how dramatically personal debt has surged across the Lone Star State over the past two decades.
According to analysis by Infinity Calculator, Texas ranks fifth in the nation for personal debt growth from 2003 to 2023.
The study examined financial data from the Federal Reserve Bank of New York, tracking changes in household debt across all 50 states. By analyzing trends in auto loans, credit cards, mortgages, and student loans, researchers aimed to determine which states saw the most significant percentage increases in total personal debt. To ensure consistent comparisons, results were based on a representative sample—5% of the population for most categories and 1% for student loans.
Nationally, the average household debt rose by 84.81% over the 20-year period, climbing from $32,840 in 2003 to $60,690 in 2023. Texas, however, exceeded that average by a staggering 38.66%, with a 123.47% increase in debt—from $25,310 to $56,560 per household.
Curious to see where other states stand? Check out the chart below for the full state ranking of statewide debt increase.
Full State Ranking of Statewide Debt Increase
| Rank | State | 2003 debt per household | 2023 debt per household | Percentage increase in debt (2003-2023) | Percentage difference to U.S average |
| 1. | North Dakota | $20,010 | $51,190 | 155.82% | +71.01% |
| 2. | Montana | $24,410 | $57,070 | 133.80% | +48.99% |
| 3. | Utah | $35,620 | $80,240 | 125.27% | +40.46% |
| 4. | Idaho | $29,300 | $65,480 | 123.48% | +38.67% |
| 5. | Texas | $25,310 | $56,560 | 123.47% | +38.66% |
| 6. | Mississippi | $18,260 | $39,510 | 116.37% | +31.56% |
| 7. | Louisiana | $21,650 | $46,660 | 115.52% | +30.71% |
| 8. | Wyoming | $25,500 | $53,400 | 109.41% | +24.60% |
| 9. | Hawaii | $40,140 | $82,860 | 106.43% | +21.62% |
| 10. | West Virginia | $17,180 | $35,430 | 106.23% | +21.42% |
| 11. | Arkansas | $19,900 | $40,580 | 103.92% | +19.11% |
| 12. | Oklahoma | $20,220 | $40,990 | 102.72% | +17.91% |
| 13. | Iowa | $22,950 | $46,130 | 101.00% | +16.19% |
| 14. | Tennessee | $26,660 | $53,270 | 99.81% | +14.99% |
| 15. | South Carolina | $27,860 | $55,610 | 99.61% | +14.80% |
| 16. | Nebraska | $24,160 | $47,980 | 98.59% | +13.78% |
| 17. | Washington | $41,480 | $82,130 | 98.00% | +13.19% |
| 18. | Florida | $30,210 | $58,390 | 93.28% | +8.47% |
| 19. | Oregon | $34,390 | $66,430 | 93.17% | +8.36% |
| 20. | Alabama | $23,950 | $46,110 | 92.53% | +7.72% |
| 21. | Pennsylvania | $25,450 | $48,760 | 91.59% | +6.78% |
| 22. | Alaska | $35,980 | $68,780 | 91.16% | +6.35% |
| 23. | North Carolina | $30,200 | $57,650 | 90.89% | +6.08% |
| 24. | Virginia | $39,550 | $75,140 | 89.99% | +5.18% |
| 25. | Maine | $26,860 | $51,010 | 89.91% | +5.10% |
| 26. | New York | $30,430 | $57,730 | 89.71% | +4.90% |
| 27. | Maryland | $42,700 | $80,660 | 88.90% | +4.09% |
| 28. | Kentucky | $22,000 | $41,170 | 87.14% | +2.33% |
| 29. | Colorado | $49,130 | $90,760 | 84.73% | –0.08% |
| 30. | Delaware | $34,350 | $62,870 | 83.03% | –1.78% |
| 31. | Rhode Island | $32,740 | $59,750 | 82.50% | –2.31% |
| 32. | South Dakota | $27,260 | $49,610 | 81.99% | –2.82% |
| 33. | Arizona | $37,060 | $67,270 | 81.52% | –3.29% |
| 34. | Massachusetts | $41,430 | $74,780 | 80.50% | –4.31% |
| 35. | Missouri | $26,100 | $47,000 | 80.08% | –4.73% |
| 36. | Vermont | $28,580 | $51,200 | 79.15% | –5.66% |
| 37. | New Hampshire | $36,240 | $64,640 | 78.37% | –6.44% |
| 38. | Kansas | $25,020 | $44,280 | 76.98% | –7.83% |
| 39. | Wisconsin | $27,140 | $47,480 | 74.94% | –9.87% |
| 40. | California | $48,820 | $85,050 | 74.21% | –10.60% |
| 41. | New Jersey | $38,940 | $67,700 | 73.86% | –10.95% |
| 42. | Indiana | $27,180 | $46,870 | 72.44% | –12.37% |
| 43. | Georgia | $34,450 | $59,370 | 72.34% | –12.47% |
| 44. | New Mexico | $27,380 | $47,140 | 72.17% | –12.64% |
| 45. | Nevada | $39,710 | $68,040 | 71.34% | –13.47% |
| 46. | Minnesota | $38,950 | $62,680 | 60.92% | –23.89% |
| 47. | Connecticut | $40,850 | $64,950 | 59.00% | –25.81% |
| 48. | Illinois | $33,270 | $52,780 | 58.64% | –26.17% |
| 49. | Ohio | $28,850 | $44,870 | 55.53% | –29.28% |
| 50. | Michigan | $32,540 | $46,500 | 42.90% | –41.91% |
