Credit card debt in the United States has been growing at a fast pace between 2021 and 2024. In the third quarter of 2024, the overall amount of credit card debt reached its highest value throughout the timeline considered here. COVID-19 had a big impact on the indebtedness of Americans, as credit card debt decreased from 927 billion U.S. dollars in the last quarter of 2019 to 770 billion U.S. dollars in the first quarter of 2021. What portion of Americans use credit cards? A substantial portion of Americans had at least one credit card in 2024. That year, the penetration rate of credit cards in the United States was 67 percent. This number increased by nearly seven percentage points since 2014. The primary factors behind the high utilization of credit cards in the United States are a prevalent culture of convenience, a wide range of reward schemes, and consumer preferences for postponed payments. Which companies dominate the credit card issuing market? In 2023, the leading credit card issuers in the U.S. by volume were JPMorgan Chase & Co. and American Express. Both firms recorded transactions worth over one trillion U.S. dollars that year. Citi and Capital One were the next banks in that ranking, with the transactions made with their credit cards amounting to over half a trillion U.S. dollars that year. Those industry giants, along with other prominent brand names in the industry such as Bank of America, Synchrony Financial, Wells Fargo, and others, dominate the credit card market. Due to their extensive customer base, appealing rewards, and competitive offerings, they have gained a significant market share, making them the preferred choice for consumers.

The average amount of non-mortgage debt held by consumers in the United States has been falling steadily during the past years, amounting to 21,800 U.S. dollars in 2023. While respondents had 38,000 U.S. dollars of debt in 2018, that volume decreased to 29,803 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 154,700 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 debt Educational expenses were not among the leading sources of debt among consumers in the U.S. in 2022. Instead, they made up about ten percent of the total. However, around 39 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.

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

• 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 Delinquency Rate on Credit Card Loans, All Commercial Banks (DRCCLACBS) from Q1 1991 to Q4 2024 about credit cards, delinquencies, commercial, loans, banks, depository institutions, rate, and USA.

The total average debt of Baby Boomers in the United States amounted to nearly 94,880 U.S. dollars in 2023. Debt balances, however, varied greatly according to the generation. The Generation X held the highest debt on average (157,560 U.S. dollars), while generation Z held the lowest average debt (nearly 29,820 U.S. dollars).

Italy MFI: Lending: OA: Household: Extended Credit Card Debt data was reported at 14.849 % pa in May 2018. This records a decrease from the previous number of 14.857 % pa for Apr 2018. Italy MFI: Lending: OA: Household: Extended Credit Card Debt data is updated monthly, averaging 15.026 % pa from Jun 2010 (Median) to May 2018, with 96 observations. The data reached an all-time high of 15.781 % pa in Jul 2010 and a record low of 14.242 % pa in Feb 2017. Italy MFI: Lending: OA: Household: Extended Credit Card Debt data remains active status in CEIC and is reported by Bank of Italy. The data is categorized under Global Database’s Italy – Table IT.M004: Lending Rate.

Serbia Lending Rate: Weighted Avg: OA: NF: RC: Credit Card Debt data was reported at 9.090 % pa in Jun 2018. This stayed constant from the previous number of 9.090 % pa for May 2018. Serbia Lending Rate: Weighted Avg: OA: NF: RC: Credit Card Debt data is updated monthly, averaging 14.090 % pa from Sep 2010 (Median) to Jun 2018, with 94 observations. The data reached an all-time high of 23.750 % pa in Oct 2010 and a record low of 8.560 % pa in Mar 2018. Serbia Lending Rate: Weighted Avg: OA: NF: RC: Credit Card Debt data remains active status in CEIC and is reported by National Bank of Serbia. The data is categorized under Global Database’s Serbia – Table RS.M005: Lending Rate: Weighted Average: Outstanding Amounts.

Delinquency rates for credit cards picked up in 2024 in the United States, leading to the highest rates observed since 2008. This is according to a collection of one of the United States' federal banks across all commercial banks. The high delinquency rates were joined by the highest U.S. credit card charge-off rates since the Financial Crisis of 2008. Delinquency rates, or the share of credit card loans overdue a payment for more than 60 days, can sometimes lead into charge-off, or a writing off of the loan, after about six to 12 months. These figures on the share of credit card balances that are overdue developed significantly between 2021 and 2024: Delinquencies were at their lowest point in 2021 but increased to one of their highest points by 2024. This is reflected in the growing credit card debt in the United States, which reached an all-time high in 2023.

Greece MFIs Credits: DR: OA: EH: HS: IN: Consumer Credit: by Type: Credit Card Debt data was reported at 3,768.748 EUR mn in Sep 2018. This records an increase from the previous number of 3,762.608 EUR mn for Aug 2018. Greece MFIs Credits: DR: OA: EH: HS: IN: Consumer Credit: by Type: Credit Card Debt data is updated monthly, averaging 6,444.950 EUR mn from Jan 2001 (Median) to Sep 2018, with 213 observations. The data reached an all-time high of 10,116.300 EUR mn in Nov 2008 and a record low of 2,328.770 EUR mn in Jan 2001. Greece MFIs Credits: DR: OA: EH: HS: IN: Consumer Credit: by Type: Credit Card Debt data remains active status in CEIC and is reported by Bank of Greece. The data is categorized under Global Database’s Greece – Table GR.KB003: Credits: Monetary Financial Institutions: by Sector and Maturity.

Graph and download economic data for Charge-Off Rate on Credit Card Loans, All Commercial Banks (CORCCACBS) from Q1 1985 to Q4 2024 about charge-offs, credit cards, commercial, loans, banks, depository institutions, rate, and USA.

Brazil Consumer Debt and Default Survey: Portion of Income Committed To Debt (Percentage of Indebted): More than 10 Minimum Wage: Average Share (Percentage of Income) data was reported at 27.902 % in Sep 2020. This records a decrease from the previous number of 28.123 % for Aug 2020. Brazil Consumer Debt and Default Survey: Portion of Income Committed To Debt (Percentage of Indebted): More than 10 Minimum Wage: Average Share (Percentage of Income) data is updated monthly, averaging 28.019 % from Jan 2010 (Median) to Sep 2020, with 129 observations. The data reached an all-time high of 31.946 % in Mar 2012 and a record low of 26.280 % in Jul 2018. Brazil Consumer Debt and Default Survey: Portion of Income Committed To Debt (Percentage of Indebted): More than 10 Minimum Wage: Average Share (Percentage of Income) data remains active status in CEIC and is reported by National Confederation of Commerce of Goods, Services and Tourism. The data is categorized under Brazil Premium Database’s Domestic Trade and Household Survey – Table BR.HG008: Consumer Debt and Default Survey: Portion of Income Committed to Debt.

In the first quarter of 2024, household debt in the United States amounted to over 71 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 2022, 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.

Consumer Debt and Default Survey: Portion of Income Committed To Debt (Percentage of Indebted): More than 10 Minimum Wage: Average Share (Percentage of Income)在2020-09达27.902 %，相较于2020-08的28.123 %有所下降。Consumer Debt and Default Survey: Portion of Income Committed To Debt (Percentage of Indebted): More than 10 Minimum Wage: Average Share (Percentage of Income)数据按月度更新，2010-01至2020-09期间平均值为28.019 %，共129份观测结果。该数据的历史最高值出现于2012-03，达31.946 %，而历史最低值则出现于2018-07，为26.280 %。CEIC提供的Consumer Debt and Default Survey: Portion of Income Committed To Debt (Percentage of Indebted): More than 10 Minimum Wage: Average Share (Percentage of Income)数据处于定期更新的状态，数据来源于National Confederation of Commerce of Goods, Services and Tourism，数据归类于Brazil Premium Database的Domestic Trade and Household Survey – Table BR.HG008: Consumer Debt and Default Survey: Portion of Income Committed to Debt。

Households Debt in Canada increased to 100.39 percent of GDP in the fourth quarter of 2024 from 100.32 percent of GDP in the third quarter of 2024. This dataset provides - Canada Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2023, the gross federal debt in the United States amounted to around 93,500 U.S. dollars per capita. This is a moderate increase from the previous year, when the per capita national debt amounted to about 92,528 U.S. dollars. The total debt accrued by the U.S. annually can be accessed here. Federal debt of the United States The level of national debt held by the United States government has risen sharply in the years following the Great Recession. Federal debt is the amount of debt the federal government owes to creditors who hold assets in the form of debt securities. As with individuals and consumers, there is a common consensus among economists that holding debt is not necessarily problematic for government so long as the public debt is held at a sustainable level. Although there is no agreed upon ratio of debt to gross domestic product, the increasing debt held by the Federal Reserve has become a major part of the political discourse in the United States. Politics and the national debt In recent years, debate over the debt ceiling has been of concern to domestic politicians, the owners of federal debt, and global economy as a whole. The debt ceiling is a legislated maximum amount that national debt can reach intended to impose a degree of fiscal prudence on incumbent governments. However, as national debt has grown the debt ceiling has been reached, thus forcing legislative action by Congress. In both 2011 and 2013, new legislation was passed by Congress allowing the debt ceiling to be raised. The Budget Control Act of 2011 and the No Budget, No Pay Act of 2013 successively allowed the government to avoid defaulting on national debt and therefore avert a potential economic crisis.

In 2023, 968 billion U.S. dollars worth of student loans were in forebearance in the United States. This is due to the coronavirus (COVID-19) pandemic, where the government paused repayment of student loans and froze the accumulation of interest. This is compared to 112 billion U.S. dollars worth of student loans that were in default. As of the fourth quarter of 2022, outstanding student loan debt in the U.S. was valued at approximately 1.76 trillion U.S. dollars.

Key information about Hong Kong SAR (China) Household Debt

• Hong Kong SAR (China) Household Debt reached 359.2 USD bn in Dec 2024, compared with the reported number of 358.4 USD bn in the previous quarter
• Hong Kong SAR (China) Household Debt: USD mn data is updated quarterly, available from Mar 1982 to Dec 2024
• The data reached an all-time high of 359.2 USD bn in Dec 2024 and a record low of 4.4 USD bn in Sep 1983

• In the latest reports, Hong Kong SAR (China) Household Debt accounted for 89.0 % of the country's Nominal GDP in Sep 2024
• Money Supply M2 in Hong Kong SAR (China) increased 2,376.3 USD bn YoY in Dec 2024
• Hong Kong SAR (China) Foreign Exchange Reserves was measured at 421.3 USD bn in Dec 2024
• The Foreign Exchange Reserves equaled 9.3 Months of Import in May 2023
• Hong Kong SAR (China) Domestic Credit reached 1,011.8 USD bn in Oct 2024, representing an drop of 0.2 % YoY

In the financial year 2024, India's household debt reached around 671 billion U.S. dollars, an increase from previous year's figures. India's household debt has witnessed an upward trend in the last decade. Household debt includes consumer durables, housing and other personal loans.

In the academic year of 2022/2023, 27.2 billion U.S. dollars was offered to students in the form of Federal Pell Grants. Altogether, 177 billion U.S. dollars worth of student aid were provided across the country.

As of December 2024, 27 percent of household debt in Poland was consumer credit. The indebtedness of 475 billion zloty was allocated to mortgage loans.