diff --git a/packages/svelte/messages/client-errors/errors.md b/packages/svelte/messages/client-errors/errors.md
index 9bd7e8a654..3e595e6dca 100644
--- a/packages/svelte/messages/client-errors/errors.md
+++ b/packages/svelte/messages/client-errors/errors.md
@@ -42,7 +42,9 @@
 
 ## effect_update_depth_exceeded
 
-> Maximum update depth exceeded. This can happen when a reactive block or effect repeatedly sets a new value. Svelte limits the number of nested updates to prevent infinite loops
+> Maximum update depth exceeded. This usually indicates state is being updated inside an effect, which you should avoid. Svelte limits the number of nested updates to prevent infinite loops
+
+> Maximum update depth exceeded after assignment at %location%. This usually indicates state is being updated inside an effect that also depends on that state. Svelte limits the number of nested updates to prevent infinite loops
 
 ## hydration_failed
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/AssignmentExpression.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/AssignmentExpression.js
index cf54dba1b3..9abfb23a8f 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/AssignmentExpression.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/AssignmentExpression.js
@@ -1,8 +1,9 @@
 /** @import { AssignmentExpression, AssignmentOperator, Expression, Pattern } from 'estree' */
+/** @import { Location } from 'locate-character' */
 /** @import { Context } from '../types.js' */
 import * as b from '../../../../utils/builders.js';
 import { build_assignment_value } from '../../../../utils/ast.js';
-import { is_ignored } from '../../../../state.js';
+import { dev, filename, is_ignored, locator } from '../../../../state.js';
 import { build_proxy_reassignment, should_proxy } from '../utils.js';
 import { visit_assignment_expression } from '../../shared/assignments.js';
 
@@ -11,10 +12,23 @@ import { visit_assignment_expression } from '../../shared/assignments.js';
  * @param {Context} context
  */
 export function AssignmentExpression(node, context) {
-	const expression = /** @type {Expression} */ (
+	let expression = /** @type {Expression} */ (
 		visit_assignment_expression(node, context, build_assignment) ?? context.next()
 	);
 
+	const loc =
+		dev &&
+		node.left.type === 'MemberExpression' &&
+		node.left.start !== undefined &&
+		locator(node.left.start);
+
+	if (loc) {
+		expression = b.sequence([
+			b.call('$.track_assignment', b.literal(`${filename}:${loc.line}:${loc.column}`)),
+			expression
+		]);
+	}
+
 	return is_ignored(node, 'ownership_invalid_mutation')
 		? b.call('$.skip_ownership_validation', b.thunk(expression))
 		: expression;
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/declarations.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/declarations.js
index 0bd8c352f6..d6f98193b0 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/declarations.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/declarations.js
@@ -1,7 +1,9 @@
-/** @import { Identifier } from 'estree' */
+/** @import { Expression, Identifier } from 'estree' */
+/** @import { Location } from 'locate-character' */
 /** @import { ComponentContext, Context } from '../../types' */
 import { is_state_source } from '../../utils.js';
 import * as b from '../../../../../utils/builders.js';
+import { dev, filename, locator } from '../../../../../state.js';
 
 /**
  * Turns `foo` into `$.get(foo)`
@@ -25,8 +27,18 @@ export function add_state_transformers(context) {
 			context.state.transform[name] = {
 				read: binding.declaration_kind === 'var' ? (node) => b.call('$.safe_get', node) : get_value,
 				assign: (node, value) => {
+					/** @type {Expression} */
 					let call = b.call('$.set', node, value);
 
+					const loc = dev && node.start !== undefined && locator(node.start);
+
+					if (loc) {
+						call = b.sequence([
+							b.call('$.track_assignment', b.literal(`${filename}:${loc.line}:${loc.column}`)),
+							call
+						]);
+					}
+
 					if (context.state.scope.get(`$${node.name}`)?.kind === 'store_sub') {
 						call = b.call('$.store_unsub', call, b.literal(`$${node.name}`), b.id('$$stores'));
 					}
@@ -41,11 +53,23 @@ export function add_state_transformers(context) {
 					return b.call('$.mutate', node, mutation);
 				},
 				update: (node) => {
-					return b.call(
+					/** @type {Expression} */
+					let call = b.call(
 						node.prefix ? '$.update_pre' : '$.update',
 						node.argument,
 						node.operator === '--' && b.literal(-1)
 					);
+
+					const loc = dev && node.start !== undefined && locator(node.start);
+
+					if (loc) {
+						call = b.sequence([
+							b.call('$.track_assignment', b.literal(`${filename}:${loc.line}:${loc.column}`)),
+							call
+						]);
+					}
+
+					return call;
 				}
 			};
 		}
diff --git a/packages/svelte/src/internal/client/dev/assignment-stack.js b/packages/svelte/src/internal/client/dev/assignment-stack.js
new file mode 100644
index 0000000000..19bdd35f27
--- /dev/null
+++ b/packages/svelte/src/internal/client/dev/assignment-stack.js
@@ -0,0 +1,9 @@
+/** @type {string[]} */
+export const assignment_stack = [];
+
+/**
+ * @param {string} location
+ */
+export function track_assignment(location) {
+	assignment_stack.push(location);
+}
diff --git a/packages/svelte/src/internal/client/dev/utils.js b/packages/svelte/src/internal/client/dev/utils.js
new file mode 100644
index 0000000000..fc91866e2f
--- /dev/null
+++ b/packages/svelte/src/internal/client/dev/utils.js
@@ -0,0 +1,7 @@
+/**
+ * Append zero-width space to '/' characters to prevent devtools trying to make locations clickable
+ * @param {string} location
+ */
+export function sanitize_location(location) {
+	return location?.replace(/\//g, '/\u200b');
+}
diff --git a/packages/svelte/src/internal/client/dom/blocks/html.js b/packages/svelte/src/internal/client/dom/blocks/html.js
index aa13336b29..962f676e82 100644
--- a/packages/svelte/src/internal/client/dom/blocks/html.js
+++ b/packages/svelte/src/internal/client/dom/blocks/html.js
@@ -9,6 +9,7 @@ import { hash } from '../../../../utils.js';
 import { DEV } from 'esm-env';
 import { dev_current_component_function } from '../../runtime.js';
 import { get_first_child, get_next_sibling } from '../operations.js';
+import { sanitize_location } from '../../dev/utils.js';
 
 /**
  * @param {Element} element
@@ -28,9 +29,7 @@ function check_hash(element, server_hash, value) {
 		location = `in ${dev_current_component_function[FILENAME]}`;
 	}
 
-	w.hydration_html_changed(
-		location?.replace(/\//g, '/\u200b') // prevent devtools trying to make it a clickable link by inserting a zero-width space
-	);
+	w.hydration_html_changed(location && sanitize_location(location));
 }
 
 /**
diff --git a/packages/svelte/src/internal/client/errors.js b/packages/svelte/src/internal/client/errors.js
index 26d38f0aba..dd796526ec 100644
--- a/packages/svelte/src/internal/client/errors.js
+++ b/packages/svelte/src/internal/client/errors.js
@@ -179,12 +179,13 @@ export function effect_orphan(rune) {
 }
 
 /**
- * Maximum update depth exceeded. This can happen when a reactive block or effect repeatedly sets a new value. Svelte limits the number of nested updates to prevent infinite loops
+ * Maximum update depth exceeded after assignment at %location%. This usually indicates state is being updated inside an effect that also depends on that state. Svelte limits the number of nested updates to prevent infinite loops
+ * @param {string | undefined | null} [location]
  * @returns {never}
  */
-export function effect_update_depth_exceeded() {
+export function effect_update_depth_exceeded(location) {
 	if (DEV) {
-		const error = new Error(`effect_update_depth_exceeded\nMaximum update depth exceeded. This can happen when a reactive block or effect repeatedly sets a new value. Svelte limits the number of nested updates to prevent infinite loops`);
+		const error = new Error(`effect_update_depth_exceeded\n${location ? `Maximum update depth exceeded after assignment at ${location}. This usually indicates state is being updated inside an effect that also depends on that state. Svelte limits the number of nested updates to prevent infinite loops` : "Maximum update depth exceeded. This usually indicates state is being updated inside an effect, which you should avoid. Svelte limits the number of nested updates to prevent infinite loops"}`);
 
 		error.name = 'Svelte error';
 		throw error;
diff --git a/packages/svelte/src/internal/client/index.js b/packages/svelte/src/internal/client/index.js
index 0debfe9d19..0978b805c4 100644
--- a/packages/svelte/src/internal/client/index.js
+++ b/packages/svelte/src/internal/client/index.js
@@ -1,4 +1,5 @@
 export { FILENAME, HMR } from '../../constants.js';
+export { track_assignment } from './dev/assignment-stack.js';
 export { cleanup_styles } from './dev/css.js';
 export { add_locations } from './dev/elements.js';
 export { hmr } from './dev/hmr.js';
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index 93f8164ba3..baf19d0c81 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -31,6 +31,8 @@ import { update_derived } from './reactivity/deriveds.js';
 import * as e from './errors.js';
 import { lifecycle_outside_component } from '../shared/errors.js';
 import { FILENAME } from '../../constants.js';
+import { assignment_stack } from './dev/assignment-stack.js';
+import { sanitize_location } from './dev/utils.js';
 
 const FLUSH_MICROTASK = 0;
 const FLUSH_SYNC = 1;
@@ -62,8 +64,7 @@ export function set_is_destroying_effect(value) {
 let queued_root_effects = [];
 
 let flush_count = 0;
-/** @type {Effect[]} Stack of effects, dev only */
-let dev_effect_stack = [];
+
 // Handle signal reactivity tree dependencies and reactions
 
 /** @type {null | Reaction} */
@@ -451,10 +452,6 @@ export function update_effect(effect) {
 		var teardown = update_reaction(effect);
 		effect.teardown = typeof teardown === 'function' ? teardown : null;
 		effect.version = current_version;
-
-		if (DEV) {
-			dev_effect_stack.push(effect);
-		}
 	} catch (error) {
 		handle_error(/** @type {Error} */ (error), effect, previous_component_context);
 	} finally {
@@ -471,20 +468,12 @@ function infinite_loop_guard() {
 	if (flush_count > 1000) {
 		flush_count = 0;
 		if (DEV) {
+			let location = assignment_stack.pop();
+
 			try {
-				e.effect_update_depth_exceeded();
-			} catch (error) {
-				// stack is garbage, ignore. Instead add a console.error message.
-				define_property(error, 'stack', {
-					value: ''
-				});
-				// eslint-disable-next-line no-console
-				console.error(
-					'Last ten effects were: ',
-					dev_effect_stack.slice(-10).map((d) => d.fn)
-				);
-				dev_effect_stack = [];
-				throw error;
+				e.effect_update_depth_exceeded(location && sanitize_location(location));
+			} finally {
+				assignment_stack.length = 0;
 			}
 		} else {
 			e.effect_update_depth_exceeded();
@@ -560,16 +549,13 @@ function flush_queued_effects(effects) {
 
 function process_deferred() {
 	is_micro_task_queued = false;
-	if (flush_count > 1001) {
-		return;
-	}
 	const previous_queued_root_effects = queued_root_effects;
 	queued_root_effects = [];
 	flush_queued_root_effects(previous_queued_root_effects);
 	if (!is_micro_task_queued) {
 		flush_count = 0;
 		if (DEV) {
-			dev_effect_stack = [];
+			assignment_stack.length = 0;
 		}
 	}
 }
@@ -701,7 +687,7 @@ export function flush_sync(fn) {
 
 		flush_count = 0;
 		if (DEV) {
-			dev_effect_stack = [];
+			assignment_stack.length = 0;
 		}
 
 		return result;