Credit card debt in the United States has been growing at a fast pace between 2021 and 2025. In the fourth 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 *** billion U.S. dollars in the last quarter of 2019 to *** 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 2025. That year, the penetration rate of credit cards in the United States was ** 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 2024, 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.

As of the last quarter of 2022, Alaska and Hawaii were the states in the U.S. with the highest credit card debt. While the average credit card debt in Alaska amounted to 4,430 U.S. dollars, people from Mississippi only had on average 2,450 U.S. dollars of credit card debt.

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.

Key information about Russia Household Debt

• Russia Household Debt reached 395.3 USD bn in Jan 2025, compared with the reported number of 382.7 USD bn in the previous month
• Russia Household Debt: USD mn data is updated monthly, available from Dec 2000 to Jan 2025
• The data reached an all-time high of 525.1 USD bn in Jun 2022 and a record low of 1.7 USD bn in Dec 2000

CEIC converts monthly Household Debt into USD. The Bank of Russia provides Household Debt in local currency based on MFSM 2016. The Bank of Russia period end market exchange rate is used for currency conversions. Loans are used due to the lack of Flow of Funds statistics. Household Debt prior to December 2014 is based on MFSM 2000.


Further information about Russia Household Debt

• In the latest reports, Russia Household Debt accounted for 20.4 % of the country's Nominal GDP in Mar 2024
• Money Supply M2 in Russia increased 1,189.6 USD bn YoY in Jan 2025
• Russia Foreign Exchange Reserves was measured at 386.4 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 14.9 Months of Import in Oct 2024
• Russia Domestic Credit reached 1,404.0 USD bn in Dec 2024, representing an increased of 19.6 % YoY

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 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

Households Debt in Canada decreased to 171.10 percent of gross income in 2025 from 173.07 percent in 2024. This dataset provides - Canada Households Debt To Income- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Households Debt in India increased to 41.90 percent of GDP in the fourth quarter of 2024 from 41.30 percent of GDP in the third quarter of 2024. This dataset provides - India Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Germany Household Debt: % of GDP

• Germany household debt accounted for 50.3 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 50.5 % in the previous quarter.
• Germany household debt to GDP ratio is updated quarterly, available from Dec 1991 to Sep 2024.
• The data reached an all-time high of 70.4 % in Dec 2000 and a record low of 50.3 % in Sep 2024.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. Deutsche Bundesbank provides Household Debt in EUR based on ESA 2010. Statistisches Bundesamt provides Nominal GDP in EUR based on ESA 2010. Household Debt as % of Nominal GDP prior to 1999 is based on ESA 1995.


Related information about Germany Household Debt: % of GDP

• In the latest reports, Germany Household Debt reached 2,400.6 USD bn in Sep 2024.
• Money Supply M2 in Germany increased 4.0 % YoY in Nov 2024.
• Germany Foreign Exchange Reserves was measured at 35.2 USD bn in Dec 2024.
• The Foreign Exchange Reserves equaled 0.3 Months of Import in Nov 2024.
• Germany Domestic Credit reached 6,470.9 USD bn in Oct 2024, representing an drop of 6.2 % YoY.
• The country's Non Performing Loans Ratio stood at 1.2 % in Dec 2022, compared with the ratio of 1.1 % in the previous year.

In the third quarter of 2022, households in the United States had, on average, 41,400 U.S. dollars of mortgage debt. That was the biggest component of their personal debt burden. The value per capita of car and student loans was much lower, but still contributed more to the level of household indebtedness than credit cards or HE revolving.

Key information about Australia Household Debt: % of GDP

• Australia household debt accounted for 116.6 % of the country's Nominal GDP in Mar 2023, compared with the ratio of 118.0 % in the previous quarter.
• Australia household debt to GDP ratio is updated quarterly, available from Jun 1988 to Mar 2023.
• The data reached an all-time high of 129.4 % in Sep 2016 and a record low of 44.2 % in Sep 1988.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. The Australian Bureau of Statistics provides Household Debt in local currency and Nominal GDP in local currency.


Related information about Australia Household Debt: % of GDP

• In the latest reports, Australia Household Debt reached 1,957.6 USD bn in Mar 2023.
• Money Supply M2 in Australia increased 4.1 % YoY in Jun 2023.
• Australia Foreign Exchange Reserves was measured at 37.1 USD bn in Jun 2023.
• The Foreign Exchange Reserves equaled 1.5 Months of Import in May 2023.
• Australia Domestic Credit reached 3,627.0 USD bn in May 2023, representing an increased of 1.9 % YoY.
• The country's Non Performing Loans Ratio stood at 0.8 % in Mar 2023, compared with the ratio of 0.8 % in the previous quarter.

Households Debt in South Africa increased to 62.50 percent of gross income in 2024 from 62.40 percent in 2023. This dataset provides - South Africa Households Debt To Income- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Taiwan Household Debt: % of GDP

• Taiwan household debt accounted for 95.6 % of the country's Nominal GDP in Dec 2023, compared with the ratio of 88.5 % in the previous year.
• Taiwan household debt to GDP ratio is updated yearly, available from Dec 2000 to Dec 2023.
• The data reached an all-time high of 96.0 % in Dec 2020 and a record low of 79.9 % in Dec 2008.

CEIC calculates annual Household Debt as % of Nominal GDP from annual Household Debt and annual Nominal GDP. The Central Bank of the Republic of China provides Household Debt in local currency. The Directorate-General of Budget, Accounting and Statistics, Executive Yuan provides Nominal GDP in USD. Federal Reserve Board average market exchange rate is used for currency conversions. Household Debt includes NPISH.


Related information about Taiwan Household Debt: % of GDP

• In the latest reports, Taiwan Household Debt reached 723.6 USD bn in Dec 2023.
• Money Supply M2 in Taiwan increased 5.5 % YoY in Nov 2024.
• Taiwan Foreign Exchange Reserves was measured at 576.7 USD bn in Dec 2024.
• The Foreign Exchange Reserves equaled 15.4 Months of Import in Dec 2024.
• Taiwan Domestic Credit reached 1,539.1 USD bn in Nov 2024, representing an increased of 8.4 % YoY.
• The country's Non Performing Loans Ratio stood at 0.1 % in Oct 2024, compared with the ratio of 0.1 % in the previous month.

The Survey of Consumer Finances (SCF) is normally a triennial cross-sectional survey of U.S. families. The survey data include information on families' balance sheets, pensions, income, and demographic characteristics.

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.

In the 4th quarter of 2024, the debt of households in the United Kingdom amounted to ***** percent of their income. This indicator shows the average level of indebtedness of the general population and their ability to repay their debts. The total value of household debt (total liabilities and loans to households) has increased annually since 2000. Debt to income ratio increased during the pandemic As we have seen here, households have been decreasing their indebtedness levels in the past years. However, the volume of new consumer lending actually soared between 2022 and 2024. Meanwhile, the growth rate of mortgages in the UK has remained lower these past years, but it has also shown an increase on amount of lending.

Indebtedness in Europe The household debt of many countries in Europe as a share of their disposable income in 2024 was over 100 percent. That was mostly the case for Northern and Western European countries, such as Norway, the Netherlands, and Denmark. Germany and Austria were some of the largest exceptions, as they were among the few countries in that part of Europe with households' debt representing less than ** percent of their income.

The value of the debt per adult in Europe in 2022 varied a lot from country to country. While Swiss adults had on average over 151,600 U.S. dollars of debt in 2022, adults from Azerbaijan had a debt of 540 dollars. Meanwhile, the average volume of debt in Europe that year was almost 25,000 U.S. dollars per adult. The household debt to disposable income ratio in Europe follows a similarly varied distribution. As varied as the volume of debts in Europe are, the most common forms of debt are still very similar and they tend to include: credit cards, medical debt, student loans, overdrafts, mortgages, automobile financing and personal loans.

Key information about Cambodia Household Debt

• Cambodia Household Debt reached 12.2 USD bn in Jan 2025, compared with the reported number of 12.2 USD bn in the previous month
• Cambodia Household Debt: USD mn data is updated monthly, available from Jul 2008 to Jan 2025
• The data reached an all-time high of 12.3 USD bn in Aug 2024 and a record low of 210.6 USD mn in Aug 2008

CEIC converts monthly Household Debt into USD. The National Bank of Cambodia provides Household Debt in local currency. The National Bank of Cambodia 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, Personal Loans and Credit Cards.


Further information about Cambodia Household Debt

• In the latest reports, Cambodia Household Debt accounted for 26.6 % of the country's Nominal GDP in Dec 2022
• Money Supply M2 in Cambodia increased 56.5 USD bn YoY in Dec 2024
• Cambodia Foreign Exchange Reserves was measured at 18.3 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 6.6 Months of Import in Mar 2023
• Cambodia Domestic Credit reached 53.2 USD bn in Dec 2024, representing an increased of 2.2 % YoY

In 2023, South Korean households' debt-to-gross disposable income ratio was about 186.5 percent. This ratio has been on an overall upward trend over the past few years. Household debt mainly includes loans, primarily home mortgages, and other types of liabilities such as consumer credit (e.g., credit card debt, automobile loans). A ratio above 100 percent indicates that the debt owed is greater than the annual disposable income. According to the source, South Korea had one of the highest household debt-to-income ratios among OECD countries in 2023.