New Info Shows New Jersey’s Debt Problem Is Only Getting Worse

It’s no secret that living in New Jersey isn’t cheap. Between property taxes, housing costs, and the price of just about everything, it’s easy to see how debt can pile up.

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According to new data from WalletHub, the situation might be more serious than we’d like to admit.

Recent reports reveal quite a bit of data that shows how household debt has reached $18.59 trillion nationwide in Q3 2025. Unfortunately, New Jersey is near the top when it comes to rising debt levels.

How New Jersey Stacks Up

The average debt in New Jersey rose by $636 in Q3 2025, bringing the average household debt in the Garden State to a whopping $187,588. That increase puts us 12th in the nation for largest debt growth.

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To put it in perspective, the average U.S. household now owes around $154,152, meaning New Jersey families are carrying roughly $33,000 more debt than the national average. That’s a tough pill to swallow in a state that’s already one of the most expensive to call home.

Why Getting A Handle On Debt Matters RIGHT NOW

While the national picture isn’t all doom and gloom: household debt growth slowed by 19% compared to last year, and debt-to-asset ratios remain healthy, that doesn’t change the reality for everyday New Jerseyans.

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If you’re feeling squeezed, you’re not alone. But this is also the moment to take stock. Whether that means tightening your budget, refinancing, or cutting back on nonessentials, it’s time to make debt reduction a serious goal. That's especially true for credit card debt. Here in New Jersey, the cost of living is high enough, our debt shouldn’t make it worse.