Utah has one of the highest average household debts in the country at nearly $80,000 — and that number has been growing.

Average personal debt in Utah grew 119% between the end of 2003 and the end of 2022 and increased 10.2% between 2021 and 2022, according to data from the Federal Reserve.

Growing debt is a combination of higher costs and human behavior, said Jessie Fan, a professor at the University of Utah.

Fan, who teaches in the Department of Family and Consumer Studies and researches housing saving and borrowing and financial management, said managing increasing debt is all about tradeoffs and finding somewhere to cut back.

Fan and Stephanie Sherrell, the Salt Lake region president for Zions Bank, offered other advice for managing debt.

https://www.sltrib.com/news/2023/10/24/4-tips-utahns-managing-mortgages/

https://www.sltrib.com/news/2023/10/24/4-tips-utahns-managing-mortgages/