Debt increase in Louisiana ranks as 6th smallest in the nation [Video]

MONROE, La. (KNOE) – Most households nationwide tend to see an increase in their debt, and Louisiana households are ranking 6th in the nation with the smallest debt increase.

According to a November 2024 study from WalletHub, the average household debt in Louisiana increased by $418 in the third quarter of 2024.

“I think households can keep that decreased debt – one by just distinguishing between the wants and the needs,” said Assistant Vice President of Lending Marlon Owens with Ouachita Valley Federal Credit Union. “It all goes down to writing it down, keeping a budget, and really just understanding the essentials.”

We’re in the last quarter of 2024, and Owens said it may take a group effort to begin creating the best budget for the new year.

“Everybody has to be on the same page of what’s being spent and the best way to do that is tracking every dime, you have to make sure …