BISMARCK, N.D. (KXNET) — Although inflation is not as high as some make it out to be, the rising cost of living has had a significant impact on not only present and future payments, but past ones as well. Debt is skyrocketing in many states, to the point where it can even surpass one's income — and unfortunately, this is more true in North Dakota than anywhere else in the nation. During a study conducted by the cryptocurrency platform Instaxchange, researchers analyzed data from the Federal Reserve regarding DTI ratios in each state between 2013 and 2023. When the average change over these years was compared between each state, it was determined that North Dakotans have seen the largest debt increase in recent years. Between 2013 and 2023, North Dakota's debt-to-income ratio rose from 0.82 to 1.16 per dollar — a massive 41.32% increase over the decade, and more than double other high-ranking states like Texas and Louisiana. On the opposite end of this spectrum, many states have instead reported drops in their debt-to-income ratio over time — with Washington in particular seeing a massive 19% decline. Weekend BRB: Holiday shopping at the Bismarck Big One "While it is encouraging to see the debt-to-income ratio fall in most states," says Gabriele Asaro with Instaxchange in a news release, "the study highlights areas where consumer debt has outpaced income growth, particularly in places like North Dakota and Texas. This trend could be due to several factors. For instance, the soaring cost of living and house prices post-pandemic led to increased borrowing. Additionally, wages may not have risen as much as expected, causing the debt-to-income ratio to inflate, even if people aren’t necessarily borrowing significantly more. Despite these concerns, it’s important to note that most states recorded an overall decrease - in fact, 38 states experienced a decline in their ratio, with the national average falling by 3.2%. Overall, the findings underscore the financial strain on many Americans, but offer hope that these figures will continue to decline.”  If you are struggling with financial issues, visit this page on the state government's website to learn more about aid for ND residents in need. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Today's Top Stories SIGN UP NOW