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.

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

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 UK's average credit card debt per household grew by 151 British pounds between December 2021 and December 2022, the first increase since 2020. Standing at 2,229 British pounds at December 2022, the figure contrasts with the decline in 2020 – when the debt declined from 2,594 British pounds to 2,083 British pounds. That particular drop was likely a result of Covid-19's economic impact, and consumers trying to get rid of their credit card debt. The increase in 2022 may be caused by growing interest rates and the cost of living crisis beginning to take shape.

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.

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

Graph and download economic data for Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks (CCLACBW027SBOG) from 2000-06-28 to 2025-03-12 about revolving, credit cards, loans, consumer, banks, depository institutions, and USA.

The generation X was the group of people with the highest average credit card balance in the United States in 2023. That year, the average credit card debt of the generation Z amounted to approximately 3,260 U.S. dollars. People in the silent generation had a credit card balance of roughly 3,410 U.S. dollars.

Key information about Norway Household Debt

• Norway Household Debt reached 417.6 USD bn in Dec 2024, compared with the reported number of 443.6 USD bn in the previous quarter
• Norway Household Debt: USD mn data is updated quarterly, available from Dec 1995 to Dec 2024
• The data reached an all-time high of 488.2 USD bn in Mar 2022 and a record low of 85.5 USD bn in Jun 1997

CEIC converts quarterly Household Debt into USD. Statistics Norway provides Household Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions.


Further information about Norway Household Debt

• In the latest reports, Norway Household Debt accounted for 91.3 % of the country's Nominal GDP in Dec 2024
• Money Supply M2 in Norway increased 288.6 USD bn YoY in Jan 2025
• Norway Foreign Exchange Reserves was measured at 79.0 USD bn in Feb 2025
• The Foreign Exchange Reserves equaled 10.5 Months of Import in Jan 2025
• Norway Domestic Credit reached 667.0 USD bn in Jan 2025, representing an increased of 3.7 % YoY

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 China Household Debt

• China Household Debt reached 11,498.4 USD bn in Jan 2025, compared with the reported number of 11,347.6 USD bn in the previous month
• China Household Debt: USD mn data is updated monthly, available from Jan 2007 to Jan 2025
• The data reached an all-time high of 11,691.0 USD bn in Sep 2024 and a record low of 517.7 USD bn in Jan 2007

CEIC converts monthly Household Debt into USD. The People's Bank of China provides Household Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Loans are used due to the lack of Flow of Funds statistics.


Further information about China Household Debt

• In the latest reports, China Household Debt accounted for 63.3 % of the country's Nominal GDP in Mar 2023
• Money Supply M2 in China increased 44,045.8 USD bn YoY in Sep 2024
• China Foreign Exchange Reserves was measured at 3,209.0 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 13.9 Months of Import in Dec 2024
• China Domestic Credit reached 49,338.1 USD bn in Jan 2025, representing an increased of 7.9 % YoY

Key information about Israel Household Debt

• Israel Household Debt reached 229.1 USD bn in Nov 2024, compared with the reported number of 223.5 USD bn in the previous month
• Israel Household Debt: USD mn data is updated monthly, available from Sep 1992 to Nov 2024
• The data reached an all-time high of 229.1 USD bn in Nov 2024 and a record low of 18.5 USD bn in Nov 1992

CEIC converts monthly Household Debt into USD. The Bank of Israel provides Household Debt in local currency. The Bank of Israel period end market exchange rate is used for currency conversions. Loans are used due to the lack of Flow of Funds statistics.


Further information about Israel Household Debt

• In the latest reports, Israel Household Debt accounted for 42.7 % of the country's Nominal GDP in Sep 2024
• Money Supply M2 in Israel increased 378.1 USD bn YoY in Oct 2024
• Israel Foreign Exchange Reserves was measured at 212.7 USD bn in Nov 2024
• The Foreign Exchange Reserves equaled 22.0 Months of Import in Dec 2024
• Israel Domestic Credit reached 742.6 USD bn in Apr 2023, representing an increased of 12.9 % YoY

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.

Key information about European Union Household Debt

• European Union Household Debt reached 6,956.2 USD bn in Jan 2025, compared with the reported number of 6,921.4 USD bn in the previous month
• EU Household Debt: USD mn data is updated monthly, available from Jan 1999 to Jan 2025
• The data reached an all-time high of 7,744.8 USD bn in Apr 2011 and a record low of 2,500.5 USD bn in Oct 2000

CEIC converts monthly Household Debt into USD. European Central Bank provides Household Debt in EUR. The Federal Reserve Board period end market exchange rate is used for currency conversions. Loans are used due to the lack of Flow of Funds statistics. Household Debt includes Mortgages and Consumer Loans.


Further information about European Union Household Debt

• In the latest reports, European Union Household Debt accounted for 44.1 % of the country's Nominal GDP in Dec 2024
• Money Supply M2 in European Union increased 16,206.2 USD bn YoY in Jan 2025
• European Union Foreign Exchange Reserves was measured at 297.5 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 1.4 Months of Import in Dec 2024
• European Union Domestic Credit reached 25,343.8 USD bn in Nov 2024, representing an increased of 0.7 % 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.

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.

Consumer Credit in Canada decreased to 775954 CAD Million in January from 784448 CAD Million in December of 2024. This dataset provides - Canada Consumer Credit - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Total Consumer Credit Owned and Securitized (TOTALSL) from Jan 1943 to Jan 2025 about securitized, owned, consumer credit, loans, consumer, and USA.

Key information about Mexico Household Debt

• Mexico Household Debt reached 271.8 USD bn in Dec 2024, compared with the reported number of 280.8 USD bn in the previous quarter
• Mexico Household Debt: USD mn data is updated quarterly, available from Dec 2000 to Dec 2024
• The data reached an all-time high of 320.4 USD bn in Mar 2024 and a record low of 53.5 USD bn in Dec 2000

CEIC converts quarterly Household Debt into USD. The Bank of Mexico provides Household Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Household Debt includes Mortgages and Consumer Loans.


Further information about Mexico Household Debt

• In the latest reports, Mexico Household Debt accounted for 16.7 % of the country's Nominal GDP in Dec 2024
• Money Supply M2 in Mexico increased 707.1 USD bn YoY in May 2023
• Mexico Foreign Exchange Reserves was measured at 211.3 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 4.3 Months of Import in Jan 2025
• Mexico Domestic Credit reached 732.4 USD bn in Dec 2024, representing an increased of 14.8 % YoY

Households Debt in India decreased to 42.10 percent of GDP in the third quarter of 2024 from 42.30 percent of GDP in the second quarter of 2024. This dataset provides - India Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.