This story is part of The Salt Lake Tribunes ongoing commitment to identify solutions to Utahs biggest challenges through the work of the Innovation Lab.
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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 man…
Read the full article at: https://www.sltrib.com/news/2023/10/24/4-tips-utahns-managing-mortgages/