Consumers in the United States had over **** trillion dollars in debt as of the first quarter of 2025. The majority of that debt were home mortgages, amounting to approximately **** trillion U.S. dollars. Student and car loans were the second and third largest component of household debt. Why is consumer debt important? Debt influences the Consumer Sentiment Index, which is an important indicator assessing the state of the U.S. economy. The U.S. housing market is also seen a bellwether of the economic conditions in the country. The housing industry employs a large number of people, and mortgages are large investments that consumers will pay off over the course of years, sometimes decades. Because of this, financial analysts closely watch consumer debt and its effects on the demand for housing. Attitudes towards debt Consumer perception of debt differed, depending on the kind of debt in question. While most saw a home mortgage as a positive investment, they increasingly looked at student loan debt as a negative debt. With education costs increasing, people are incurring more student loan debt in the United States. Credit card debt also had negative connotations.

Key information about United States Household Debt

• United States Household Debt reached 18,036.0 USD bn in Dec 2024, compared with the reported number of 17,943.0 USD bn in the previous quarter
• US Household Debt: USD mn data is updated quarterly, available from Mar 1999 to Dec 2024
• The data reached an all-time high of 18,036.0 USD bn in Dec 2024 and a record low of 4,540.0 USD bn in Mar 1999

Federal Reserve Board of New York provides quarterly Household Debt in USD. Household Debt includes Mortgages, Home Equity Revolving, Auto Loans, Bankcards, Student Loans and Others.


Further information about United States Household Debt

• In the latest reports, United States Household Debt accounted for 61.7 % of the country's Nominal GDP in Dec 2024
• Money Supply M2 in United States increased 21,533.8 USD bn YoY in Dec 2024
• United States Foreign Exchange Reserves was measured at 34.9 USD bn in Dec 2024
• The Foreign Exchange Reserves equaled 0.1 Months of Import in Dec 2024
• United States Domestic Credit reached 30,648.3 USD bn in Mar 2024, representing an drop of 0.3 % YoY

Graph and download economic data for Household Debt Service Payments as a Percent of Disposable Personal Income (TDSP) from Q1 1980 to Q1 2025 about disposable, payments, debt, personal income, percent, personal, households, services, income, and USA.

Households Debt in the United States decreased to 69.20 percent of GDP in the fourth quarter of 2024 from 70.50 percent of GDP in the third quarter of 2024. This dataset provides - United States Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

In the third quarter of 2024, household debt in the United States amounted to over 71.66 percent of its GDP. It can be generally observed that U.S. households are more indebted by the end of the year than in any other quarter. The debt of households peaked in the last quarter of 2020, reaching the highest value since 2013. Debt to GDP ratio As it can be observed here, the household debt to GDP ratio decreased overall in the recent years. The steady growth of the gross domestic product in the United States could be a factor explaining this tendency. If the volume of debt grows at a slower pace than the GDP, the debt to GDP ratio would decrease. In addition to that, the overall value of mortgage debt in the U.S., which is the most significant component of the household debt, decreased from 2012 to the third quarter of 2014, but it has rebounded since then. Public debt in the U.S. Public debt in the United States, which is the amount of money borrowed by the government to finance budget deficits, has been increasing almost every single year. Not only that, but according to that forecast it is also expected to keep increasing during the coming years. The major holders of American government debt, as of December 2023, were Federal Reserve and government accounts and foreign and international holders. The ratio of national debt to GDP of the United States was higher than that of other major economies, but lower than that of Japan. Some of the lowest debt to GDP ratios were observed in Hong Kong SAR, Kuwait, and Turkmenistan.

Key information about United States Household Debt: % of GDP

• United States household debt accounted for 61.7 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 62.3 % in the previous quarter.
• US household debt to GDP ratio is updated quarterly, available from Mar 1999 to Dec 2024.
• The data reached an all-time high of 85.8 % in Dec 2008 and a record low of 49.4 % in Mar 1999.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. Federal Reserve Board of New York provides Household Debt in USD. The Bureau of Economic Analysis provides Nominal GDP in USD. Household Debt includes Mortgages, Home Equity Revolving, Auto Loans, Bankcards, Student Loans and Others.


Related information about United States Household Debt: % of GDP

• In the latest reports, US Household Debt reached 18,036.0 USD bn in Dec 2024.
• Money Supply M2 in US increased 3.9 % YoY in Jan 2025.
• US Foreign Exchange Reserves was measured at 34.9 USD bn in Dec 2024.
• The Foreign Exchange Reserves equaled 0.1 Months of Import in Dec 2024.
• US Domestic Credit reached 30,648.3 USD bn in Mar 2024, representing an drop of 0.3 % YoY.
• The country's Non Performing Loans Ratio stood at 1.7 % in Dec 2024, compared with the ratio of 1.5 % in the previous quarter.

The tables and interactive maps below allow users to explore the ratio of debt to income by state, metropolitan statistical area, and county for each year since 1999. Household debt is calculated from Federal Reserve Bank of New York (FRBNY) Consumer Credit Panel/Equifax Data, and household income is reported by the Bureau of Labor Statistics.

The average consumer debt balance in the United States has peaked in 2023 at roughly 104,200 U.S. dollars. However, average consumer debt had decreased between 2010 and 2013, when it reached approximately 85,500 U.S. dollars. Here, consumer debt refers to student and car loans, credit cards, personal loans, mortgages, and other types of debt.

Graph and download economic data for Consumer Debt Service Payments as a Percent of Disposable Personal Income from Q1 1980 to Q4 2024 about disposable, payments, debt, personal income, percent, personal, consumer, services, income, and USA.

Debt Balance Total in the United States increased to 18.20 USD Trillion in the first quarter of 2025 from 18.04 USD Trillion in the fourth quarter of 2024. This dataset includes a chart with historical data for the United States Debt Balance Total.

The average amount of non-mortgage debt held by consumers in the United States has been falling steadily during the past years, amounting to ****** U.S. dollars in 2023. While respondents had ****** U.S. dollars of debt in 2018, that volume decreased to ****** U.S. dollars in 2019, which constituted the largest year-over-year decrease.What age groups are more indebted in the U.S.?The age group with the highest level of consumer debt in the U.S. was belonging to the Generation X with approximately ******* U.S. dollars of debt in 2022. The next generations with high consumer debt levels were baby boomers and millennials, whose debt levels were similar. In comparison, credit card debt is more equally distributed across all ages. There is an exception among people under 35 years old, who are significantly less burdened with credit card debt. However, most consumers expect to get rid of their debt in the short term. College expenses as a source of debtEducational expenses were not among the leading sources of debt among consumers in the U.S. in 2022. Instead, they made up about ** percent of the total. However, around ** percent of undergraduates from lower-income families had student loans, while over a fifth of undergraduates from higher-income families had student loans. Independently of how they cover these expenses, the confidence of students and parents about being able to pay these college costs was high in most cases.

Graph and download economic data for Financial Soundness Indicator, Households; Debt Service and Principal Payments as a Percent of Income, Level (BOGZ1FL010000346Q) from Q1 1980 to Q4 2024 about payments, debt, percent, households, services, income, indexes, and USA.

United States Household Debt Service Ratio: sa data was reported at 9.843 NA in Jun 2018. This records a decrease from the previous number of 9.864 NA for Mar 2018. United States Household Debt Service Ratio: sa data is updated quarterly, averaging 11.285 NA from Mar 1980 (Median) to Jun 2018, with 154 observations. The data reached an all-time high of 13.228 NA in Dec 2007 and a record low of 9.839 NA in Dec 2012. United States Household Debt Service Ratio: sa data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.KB005: Household Debt Service and Financial Obligations Ratios: Seasonally Adjusted. Household Debt Service Ratio: sa (id: 51016902) is the ratio of total required household debt payments to total disposable income.

Graph and download economic data for Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks (CCLACBW027SBOG) from 2000-06-28 to 2025-06-18 about revolving, credit cards, loans, consumer, banks, depository institutions, and USA.

This dataset provides values for HOUSEHOLDS DEBT TO INCOME reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Household debt to GDP, in percent in the USA, September, 2024 The most recent value is 70.5 percent as of September 2024, a decline compared to the previous value of 70.7 percent. Historically, the average for the USA from March 1990 to September 2024 is 76.89 percent. The minimum of 60.2 percent was recorded in March 1990, while the maximum of 98.6 percent was reached in December 2007. | TheGlobalEconomy.com

In 2023, the debt services payments to disposable income ratio in the United States has remained relatively stable. That came after a sharp drop of the ratio in 2021 and 2022, which was followed by a rapid increase of the debt service payments, as they represented over 9.8 percent of their personal disposable income in the last quarter of 2023. In this context, debt service refers to the amount of money that households need to pay up their debts, including the interest rates of their loans and lending.

Household Debt: Student Loan data was reported at 1,407.000 USD bn in Mar 2018. This records an increase from the previous number of 1,378.000 USD bn for Dec 2017. Household Debt: Student Loan data is updated quarterly, averaging 778.200 USD bn from Mar 2003 (Median) to Mar 2018, with 61 observations. The data reached an all-time high of 1,407.000 USD bn in Mar 2018 and a record low of 240.700 USD bn in Mar 2003. Household Debt: Student Loan data remains active status in CEIC and is reported by Federal Reserve Bank of New York. The data is categorized under Global Database’s USA – Table US.KA012: Household Debt.

Graph and download economic data for Households; Total Liabilities, Level (BOGZ1FL194190005Q) from Q4 1987 to Q1 2025 about liabilities, households, and USA.

This dataset provides values for HOUSEHOLDS DEBT TO INCOME reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.