What Happened? Utah Rises To #4 On Household Debt List

Household Debt in Utah

I always thought Utah was a little more careful with household debt. I mean it is a concept we are well aware of and I have had several mentors talk to me about managing debt including a few classes I have  been in that approached the subject, but apparently we are not as good as I thought.

Utah and Household Debt Are Longtime Companions

In quarter 3 of last year we were the 4th highest state for adding household debt to our accounts. So what happened? Some say that the rise in the cost of housing has put more stress on Utah households, but other reports show that Utah has long been leading in household debt so that would not completely agree with recent housing cost increases theory.

About a year ago my wife and I decided to make a real estate purchase that pulled us off the bubble of just making it month after month to having credit card debt. You might think that was a really dumb idea, and I am not arguing that point, but we thought the purchase would bring in money through rental, be good for our taxes, give us future travel discounts and maybe allow us to offer it to friends and family.

Everyone (in Utah) is Doing it

I don't know if it is a synchronicity issue like Carl Jung explained where we all seem to be doing the same strategy at a given time, but I wonder if we were to share notes if we would see similar situations like our family economy.

Read More: Avoid Credit Card Debt Surprise Utah With This Simple Trick

In any case if you are embarrassed of your household debt know you are in good company. We live in a state that seems to not be afraid of leveraging a few credit cards to get what we want or need.