Private Debt to GDP in the United States decreased to 142 percent in 2024 from 147.50 percent in 2023. United States Private Debt to GDP - values, historical data, forecasts and news - updated on December of 2025.

Between 2000 and 2024, the total outstanding of both public and private debt in the United States across all sectors increased significantly, growing from 28.64 trillion U.S. dollars to 102.21 trillion U.S. dollars. These figures include all outstanding loans and debt securities from companies, households, and governments.

Graph and download economic data for Outstanding International Private Debt Securities to GDP for United States (DDDM05USA156NWDB) from 1980 to 2020 about debt, securities, private, GDP, and USA.

Key information about United States Total Debt: % of GDP

• United States Total Debt accounted for 718.9 % of the country's GDP in 2025, compared with the ratio of 718.5 % in the previous quarter.
• US Total Debt: % of GDP data is updated quarterly, available from Dec 1951 to Jun 2025.
• The data reached an all-time high of 834.1 % in Mar 2021 and a record low of 309.4 % in Jun 1953.

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

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.

Private credit activity in the United States increased considerably in the last decade. Between 2019 and 2020, the value of assets under management (AUM) in the private credit industry jumped to over *** trillion U.S. dollars, and kept increasing in the following years. By the end of 2023, private credit AUM amounted to *** trillion U.S. dollars.

Graph and download economic data for Outstanding Domestic Private Debt Securities to GDP for United States (DDDM03USA156NWDB) from 1996 to 2011 about debt, domestic, securities, private, GDP, and USA.

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.

Households Debt in the United States decreased to 68.30 percent of GDP in the first quarter of 2025 from 69.40 percent of GDP in the fourth quarter of 2024. This dataset provides - United States Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Total Credit to Private Non-Financial Sector, Adjusted for Breaks, for United States (QUSPAM770A) from Q4 1947 to Q1 2025 about adjusted, credits, nonfinancial, sector, private, and USA.

According to a survey conducted in the United States among private credit firms, the preferred private debt strategy these firms pursue was **************, indicated by ** percent of respondents. On the other hand, ************ and was among the least preferred strategies, chosen by ** percent of respondents.

Key information about United States Debt Service Ratio: Private Non-Financial Sector

• United States Debt Service Ratio: Private Non-Financial Sector was reported at 14.300 % in Mar 2025
• This records a decrease from the previous number of 14.500 % for Dec 2024
• US Debt Service Ratio: Private Non-Financial Sector data is updated quarterly, averaging 14.800 % from Mar 1999 to Mar 2025, with 105 observations
• The data reached an all-time high of 18.500 % in Dec 2007 and a record low of 13.800 % in Mar 2021
• US Debt Service Ratio: Private Non-Financial Sector data remains active status in CEIC and is reported by Bank for International Settlements
• The data is categorized under World Trend Plus’s Association: Banking Sector – Table RC.BIS.DSR: G1 Private Non-Financial Sector (PNF): Quarterly

In 2024, companies receiving private credit in the United States contributed to the country's gross domestic product (GDP) with *** billion U.S. dollars and generated ******* jobs translating in ** billion U.S. dollars of wage and benefits. *****************, and ******** were the states with the highest employment figures, wages, and GPD related to companies receiving private credit.

Debt service ratios for private non-financial sector in the USA, March, 2025 The most recent value is 14.3 percent as of Q1 2025, a decline compared to the previous value of 14.5 percent. Historically, the average for the USA from Q1 2000 to Q1 2025 is 15.64 percent. The minimum of 13.8 percent was recorded in Q1 2021, while the maximum of 18.5 percent was reached in Q3 2007. | TheGlobalEconomy.com

Private Debt Placement Market Outlook

According to our latest research, the global private debt placement market size reached USD 1.46 trillion in 2024, demonstrating robust growth driven by increased demand for alternative financing and greater investor appetite for yield. The market is expected to expand at a CAGR of 8.2% from 2025 to 2033, reaching an estimated USD 2.85 trillion by 2033. This growth is primarily fueled by the tightening of traditional bank lending, evolving regulatory frameworks, and the rising sophistication of both issuers and investors in structuring bespoke debt solutions.

One of the most significant growth drivers for the private debt placement market is the continued retreat of traditional banks from certain lending segments due to stringent regulatory requirements post the global financial crisis. This retrenchment has opened up opportunities for private debt providers to fill the financing gap, particularly for mid-market corporates and infrastructure projects that require flexible, customized capital solutions. Furthermore, the low-interest-rate environment over the past decade has prompted institutional investors to seek higher-yielding assets, making private debt an attractive alternative to public fixed-income instruments. The growing acceptance of private placements among both issuers and investors has further accelerated market expansion, as these instruments offer confidentiality, speed, and flexibility compared to public debt issuance.

Another key factor propelling the private debt placement market is the increasing sophistication and diversification of private debt instruments. The emergence of innovative structures such as unitranche, mezzanine, and subordinated debt has enabled issuers to tailor financing packages that align with their unique capital needs and risk profiles. At the same time, investors benefit from enhanced risk-adjusted returns and the ability to negotiate covenants and terms directly with borrowers. The proliferation of private credit funds and the entry of non-traditional investors such as insurance companies and pension funds have expanded the pool of available capital, intensifying competition and driving innovation in deal structuring. This dynamic ecosystem has contributed to the rapid growth and maturation of the private debt placement market globally.

Technological advancements and digitalization have also played a pivotal role in shaping the private debt placement market. The adoption of digital platforms for deal origination, due diligence, and syndication has streamlined the private placement process, reducing transaction costs and improving transparency. Enhanced data analytics and risk assessment tools have empowered investors to make more informed decisions, while issuers benefit from faster access to capital and a broader investor base. Moreover, the increasing integration of environmental, social, and governance (ESG) criteria into private debt transactions is attracting a new class of responsible investors, further fueling market growth. These technological and structural shifts are expected to continue driving innovation and efficiency in the private debt placement landscape.

From a regional perspective, North America remains the largest market for private debt placements, accounting for over 45% of global transaction volume in 2024, followed by Europe and Asia Pacific. The United States, in particular, boasts a mature and sophisticated private placement ecosystem, supported by a deep pool of institutional investors and a favorable regulatory environment. Europe has witnessed significant growth, driven by the increasing penetration of private debt funds and evolving bank lending dynamics. Meanwhile, Asia Pacific is emerging as a high-growth region, underpinned by rapid economic expansion, infrastructure development, and a burgeoning middle-market segment seeking alternative financing sources. Latin America and the Middle East & Africa are also showing promising signs of growth, albeit from a smaller base, as local markets develop and regulatory frameworks evolve to support private capital formation.

In 2025, the debt services payments to disposable income ratio in the United States was slightly lower than in the previous quarter. That came after a sharp drop of the ratio in 2020 and 2021, which was followed by a rapid increase of the debt service payments, as they represented over 11.25 percent of their personal disposable income in the last quarter of 2025. 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.

Private Debt Market Outlook

According to our latest research, the global Private Debt market size reached USD 1.29 trillion in 2024, demonstrating robust expansion driven by increasing investor appetite for alternative assets and the tightening of traditional bank lending. The market is expected to grow at a CAGR of 10.4% from 2025 to 2033, reaching a forecasted market size of approximately USD 3.08 trillion by 2033. This impressive growth trajectory is attributed to the rising demand for flexible financing solutions, particularly among small and medium-sized enterprises, and the continued search for yield in a low-interest-rate environment. As per our latest research, the private debt market is poised to remain a key pillar in the global alternative investment landscape over the next decade.

The growth of the private debt market is primarily being fueled by the evolving regulatory environment and the increasing reluctance of traditional banks to extend credit to riskier borrowers. Post-2008 financial regulations such as Basel III have tightened capital requirements for banks, leading them to reduce their exposure to sub-investment-grade lending. This has created a significant financing gap, especially for mid-market companies, which private debt funds are now filling. Additionally, private debt offers investors attractive risk-adjusted returns, portfolio diversification, and lower correlation to public markets, making it an appealing asset class for institutional investors such as pension funds, insurance companies, and sovereign wealth funds. The growing sophistication of private debt managers, coupled with innovative fund structures, is further enhancing the market’s appeal and accessibility.

Another key driver for the private debt market is the increasing demand from small and medium-sized enterprises (SMEs) for non-bank financing. SMEs often face challenges securing loans from traditional financial institutions due to stricter underwriting criteria and collateral requirements. Private debt funds offer a more flexible and tailored approach to lending, providing customized solutions that align with the borrower’s specific needs. This has led to a surge in direct lending activity, particularly in sectors such as healthcare, technology, and real estate, where growth capital is essential. Furthermore, the rise of private equity-backed transactions has fueled demand for leveraged loans and mezzanine financing, further expanding the market’s reach.

The global search for yield amid persistently low interest rates has also played a significant role in the expansion of the private debt market. Institutional investors are increasingly allocating capital to private debt strategies in pursuit of higher returns and stable cash flows. The relatively low default rates and strong recovery values associated with private debt investments have bolstered investor confidence. Additionally, the proliferation of new strategies, including distressed debt, special situations, and venture debt, has broadened the investment universe and attracted a diverse range of market participants. As competition intensifies, fund managers are leveraging technology and data analytics to enhance underwriting processes and risk management, further supporting the market’s sustainable growth.

Regionally, North America continues to dominate the private debt market, accounting for the largest share of global assets under management. However, Europe and Asia Pacific are witnessing accelerated growth, driven by regulatory reforms, deepening capital markets, and increasing investor sophistication. In Europe, the disintermediation of banks and the growth of private credit platforms are reshaping the lending landscape, while in Asia Pacific, the rapid expansion of the middle market and the emergence of new investment opportunities are attracting significant capital inflows. Latin America and the Middle East & Africa are also emerging as promising markets, supported by favorable demographic trends and ongoing economic diversification efforts.

Type Analysis

The private debt market is segmented by type into direct lending, mezzanine, distressed debt, special situations, venture debt, and others. Direct lending represents the largest and fastest-growing segment, driven by its ability to provide flexible, non-bank financing to mid-market companies. Direct lending funds typically offer senior secured loans with attractive risk-adjusted returns an

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 Household Debt Service Payments as a Percent of Disposable Personal Income (TDSP) from Q1 1980 to Q2 2025 about disposable, payments, personal income, debt, percent, households, personal, income, services, and USA.