SALT LAKE CITY — Utahns are borrowing more money. A lot more.
Household debt in Utah has jumped 34% since 2019, well above the national increase of about 23%. In fact, only our neighbors to the north, Idaho, saw a bigger increase, according to an analysis by Smart Debt Relief.
But where that money is going may be just as important as how much we’re borrowing, said Shane Stewart, a financial planning professor at Utah Valley University.
“Housing costs are the thing that grabbed the headlines,” Stewart said. “Housing costs are the thing that most people are experiencing.”
Buying a home in Utah is expensive, and it’s helping push household debt through the roof. Stewart said borrowing to buy a home can help build wealth, but there’s a…