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.

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.

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.

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.

The consumer debt settlement market is experiencing robust growth, driven by increasing consumer debt levels globally and a rising awareness of debt relief solutions. The market's expansion is fueled by several factors, including the rising prevalence of unsecured debt like credit card and personal loans, economic downturns impacting individual financial stability, and the increasing availability of debt settlement services through both online platforms and traditional financial advisory firms. The segment encompassing open-end loans (like credit cards) and closed-end loans (like personal loans) constitutes a significant portion of the market, reflecting the widespread nature of consumer debt. Within these segments, credit card debt relief remains a dominant area, given the high interest rates and often overwhelming balances associated with these products. Medical and private student loan debt settlement are also exhibiting significant growth, driven by escalating healthcare costs and rising tuition fees respectively. Competition among companies like Freedom Debt Relief, National Debt Relief, and others is intense, leading to innovative service offerings and increased consumer choice. This competition, however, also presents a challenge in terms of maintaining profit margins and ensuring ethical practices within the industry. Regional variations exist, with North America and Europe currently leading the market, but developing economies in Asia-Pacific are poised for substantial growth as consumer credit markets mature. The forecast period (2025-2033) anticipates continued market expansion, although the rate of growth might slightly moderate compared to the historical period (2019-2024) as the market matures. Factors potentially influencing this moderate growth include increased regulatory scrutiny of debt settlement companies, the potential for economic recovery in certain regions leading to reduced consumer need for debt relief, and ongoing efforts to educate consumers about alternative debt management strategies. Despite these factors, the long-term outlook remains positive, driven by the persistent issue of consumer debt and the ongoing need for professional debt resolution services. Further segmentation by loan type and the emergence of new technological solutions for debt management are expected to shape the market landscape in the coming years.

Graph and download economic data for Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks (CCLACBW027SBOG) from 2000-06-28 to 2025-07-02 about revolving, credit cards, loans, consumer, banks, depository institutions, and USA.

In 2023, the generation X was the age group with the highest amount of auto loan debt in the United States. That group had on average a car loan debt of roughly 27,100 U.S. dollars. Meanwhile, the silent generation had the lowest amount of auto loan debt, amounting to approximately 16,050 U.S. dollars.

The global Debt Settlement Solution Market is expected to grow from USD 2.39 billion in 2025 to USD 4.31 billion by 2033, at a CAGR of 7.3% between 2025 and 2033. The growth of the market is primarily attributed to the increasing incidence of personal debt and the growing popularity of debt settlement services as a cost-effective alternative to bankruptcy. Rising consumer spending and easy access to credit have contributed to the surge in personal debt, making debt settlement services indispensable for individuals struggling to manage their financial obligations. The Debt Settlement Solution Market is segmented based on Service Type, Client Type, Debt Type, and Geographic Scope. The service type segment includes Debt Settlement, Debt Management, Credit Counseling, and Debt Consolidation. The client type segment is divided into Individuals, Small Businesses, and Corporations. The debt type segment comprises Credit Card Debt, Personal Loans, Medical Debt, and Student Loans. Geographically, the market is analyzed across North America, South America, Europe, Middle East & Africa, and Asia Pacific. The market is dominated by companies like Oak View Law Group, Pacific Debt, National Debt Relief, CuraDebt, and New Era Debt Solutions, among others. These companies offer a range of debt settlement services to help individuals and businesses resolve their debt issues effectively and affordably. Recent developments include: , The Debt Settlement Solution Market has witnessed significant developments recently, particularly among key players such as National Debt Relief and Freedom Debt Relief, which are adapting to the evolving economic landscape marked by rising consumer debt levels. Enhanced regulatory scrutiny has led companies like Oak View Law Group and CuraDebt to sharpen compliance protocols while addressing client needs effectively. Growth in market valuation has been notable, with firms such as Pacific Debt and Resolve Debt reporting increased demand for their services, directly impacting their revenue streams and market positioning., Merger and acquisition activity remains relatively subdued, though companies like Accredited Debt Relief have explored partnerships aimed at offering broader service portfolios. This shift hints at strategic consolidations among firms, including Breeze Financial and Elite Financial Solutions, to better tackle competitive pressures. The market is increasingly motivated by technological advancements, with players like ZimpleMoney and DMB Financial investing in digital platforms to streamline operations and improve client engagement. Overall, the Debt Settlement Solution Market continues to evolve, reflecting changing consumer behavior and regulatory dynamics that influence operational strategies across these firms., Debt Settlement Solution Market Segmentation Insights, Debt Settlement Solution Market Service Type Outlook. Key drivers for this market are: Emerging markets demand financial solutions, Increasing consumer debt levels ly; Growing preference for digital services; Regulatory support for debt relief; Partnerships with financial institutions. Potential restraints include: rising consumer debt levels, increasing regulatory scrutiny; growing demand for financial literacy; adoption of digital platforms; competitive landscape among providers.

Key information about South Korea Household Debt: % of GDP

• South Korea household debt accounted for 93.7 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 93.9 % in the previous quarter.
• South Korea household debt to GDP ratio is updated quarterly, available from Dec 2002 to Sep 2024.
• The data reached an all-time high of 101.9 % in Sep 2021 and a record low of 61.4 % in Mar 2005.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. The Bank of Korea provides Household Debt in local currency and Nominal GDP in local currency, based on SNA 2008. Household Debt includes NPISH. Household Debt prior to Q4 2008 is based on SNA 1993.


Related information about South Korea Household Debt: % of GDP

• In the latest reports, South Korea Household Debt reached 1,742.9 USD bn in Mar 2023.
• Money Supply M2 in South Korea increased 6.7 % YoY in Sep 2024.
• South Korea Foreign Exchange Reserves was measured at 391.9 USD bn in Dec 2024.
• The Foreign Exchange Reserves equaled 7.1 Months of Import in Dec 2024.
• South Korea Domestic Credit reached 3,624.4 USD bn in Sep 2024, representing an increased of 5.3 % YoY.
• The country's Non Performing Loans Ratio stood at 0.4 % in Sep 2024, compared with the ratio of 0.4 % in the previous quarter.

According to Cognitive Market Research, the global Debt Settlement market size is USD 289.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 115.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 86.76 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 66.52 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 14.46 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 5.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The B2B Type held the highest Debt Settlement market revenue share in 2024

Market Dynamics of Debt Settlement Market

Key Drivers for Debt Settlement Market

Increased Consumer Debt to Increase the Demand Globally:

Rising consumer debt tiers, influenced by factors that include scholar loans, clinical payments, and credit card utilization, make contributions to burgeoning customers for debt settlement companies. Mounting economic obligations stresses people, prompting them to search for comfort through debt agreement offerings. Student mortgage burdens, exacerbated with the aid of escalating lesson fees and clinical prices, frequently now not fully protected by using coverage, compound the debt crisis. Additionally, sizable credit card utilization amplifies patron indebtedness. These elements together pressure people to explore debt agreement alternatives, aiming to barter decreased payment arrangements with lenders. Consequently, the demand for debt agreement offerings surges amidst the backdrop of escalating purchaser debt, reflecting the profound effect of financial strain on households.

Greater Awareness of Debt Settlement Services to Propel Market Growth:

Heightened advertising endeavors and monetary literacy tasks have fostered broader know-how of debt settlement offerings as a viable approach to debt control. With extra publicity for those options, customers are increasingly open to exploring alternatives beyond traditional debt compensation techniques. Enhanced recognition empowers people to recall debt agreements as a proactive technique to alleviate economic burdens. As they grow to be extra informed about the capacity blessings and implications, clients are much more likely to interact with debt agreement businesses to negotiate favorable phrases with lenders. This shift indicates a fundamental alternate in customer attitudes toward debt management, pushed via education and outreach efforts aimed toward promoting financial empowerment and resilience.

Key Restraint Factor for the Debt Settlement Market

Negative Impact on Credit Score to Limit the Sales:

Debt agreement, even as providing alleviation from overwhelming monetary burdens, frequently involves an amazing drawback: a vast decline in the man or woman's credit score. By negotiating decreased repayment quantities with lenders, individuals efficiently acknowledge an incapacity to fulfill the initial debt duties as agreed upon. Consequently, credit score reporting groups interpret this as a hazard component, main to a downward adjustment within the person's credit rating. This faded score can critically prevent future financial endeavors, consisting of securing loans or traces of credit, as creditors normally view lower credit scores as indicative of heightened repayment danger. Thus, whilst debt settlement provides on-the-spot respite, its lasting impact on creditworthiness underscores the importance of cautiously weighing the trade-offs concerned in pursuing such answers.

Key Trends for the Debt Settlement Market

AI-Driven Settlement Algorithms: Machine learning forecasts the most favorable settlement amounts and their timing. Automated systems evaluate creditor behavior patterns. These instruments greatly enhance the success rates of negotiations. Providers achieve greater efficiency in managing larger volumes of cases.

Debt S...

In 2023, outstanding auto loan debt in the United States reached a value of 1.51 trillion U.S. dollars. The overall value of car loan debt in 2019 amounted to 1.21 trillion U.S. dollars, showing an increase of approximately 300 billion U.S. dollars in three years.

Belarus Credits Debt: Customers & Banks: Problem Debt: Extended Debt: Foreign Currency data was reported at 217.000 BYN mn in Dec 2018. This records a decrease from the previous number of 1,273.100 BYN mn for Nov 2018. Belarus Credits Debt: Customers & Banks: Problem Debt: Extended Debt: Foreign Currency data is updated monthly, averaging 699.100 BYN mn from Dec 2014 (Median) to Dec 2018, with 49 observations. The data reached an all-time high of 1,513.100 BYN mn in Sep 2017 and a record low of 217.000 BYN mn in Dec 2018. Belarus Credits Debt: Customers & Banks: Problem Debt: Extended Debt: Foreign Currency data remains active status in CEIC and is reported by National Bank of the Republic of Belarus. The data is categorized under Global Database’s Belarus – Table BY.KB002: Credits and Other Active Operations: Customers and Banks.

Graph and download economic data for Large Bank Consumer Credit Card Balances: 90 or More Days Past Due Rates: Accounts Based (RCCCBACTDPD90P) from Q3 2012 to Q1 2025 about 90 days +, accounts, FR Y-14M, consumer credit, credit cards, large, balance, loans, consumer, banks, depository institutions, rate, and USA.

Households that have liquidity problems and solvency problems only

Debt Negotiation Market Outlook

The global debt negotiation market size is projected to witness significant growth, with an estimated CAGR of 7.5% from 2024 to 2032. In 2023, the market was valued at approximately USD 4.2 billion, and it is expected to reach around USD 7.5 billion by 2032. Major growth factors include increasing consumer debt, rising awareness about debt relief options, and the expansion of financial literacy programs worldwide.

One of the primary growth drivers of the debt negotiation market is the escalating levels of consumer debt globally. With rising costs of living, healthcare, and education, individuals are increasingly relying on various forms of credit, leading to higher debt levels. This surge in consumer debt is fueling the demand for debt negotiation services, as more individuals seek assistance to manage and reduce their financial obligations. Additionally, the economic uncertainty and job losses induced by global events such as pandemics have further exacerbated the debt situation, making debt negotiation services increasingly essential.

Another significant growth factor is the increasing awareness and acceptance of debt negotiation as a viable debt relief option. Over the years, there has been a concerted effort by regulatory bodies, financial institutions, and non-profit organizations to educate consumers about managing debt and the available relief options. This has led to a shift in consumer perception, where more people are now open to seeking professional help to negotiate and settle their debts. As a result, the demand for debt negotiation services has seen a noticeable uptick, contributing to market growth.

The advent of digital platforms and technological advancements is also playing a crucial role in the growth of the debt negotiation market. The integration of technology in financial services has made debt negotiation services more accessible and efficient. Online platforms and mobile applications allow consumers to easily connect with debt negotiation service providers, track their debt settlement progress, and manage their finances more effectively. This technological evolution is not only enhancing the user experience but also broadening the customer base for debt negotiation services, thereby propelling market expansion.

Debt Underwriting Services play a crucial role in the financial ecosystem, particularly in the context of debt negotiation and management. These services involve assessing the creditworthiness of potential borrowers and structuring debt instruments that align with both the borrower's needs and the lender's risk appetite. By providing a thorough analysis of financial statements and market conditions, debt underwriting services help ensure that the terms of the debt are favorable and sustainable for all parties involved. This not only facilitates smoother debt negotiations but also contributes to a more stable financial environment by mitigating the risks associated with high levels of consumer and corporate debt.

Regionally, North America holds a significant share of the debt negotiation market, primarily driven by high consumer debt levels and robust financial literacy initiatives. The region's well-established financial infrastructure and the presence of key market players also contribute to its dominance. However, the Asia Pacific region is expected to exhibit the highest growth rate during the forecast period, owing to rapid urbanization, increasing consumerism, and rising awareness about debt management solutions.

Type Analysis

The debt negotiation market by type includes segments such as credit card debt, medical debt, personal loans, student loans, and others. Credit card debt remains the most prominent segment, primarily due to the widespread use of credit cards and the high-interest rates associated with them. Consumers often find themselves in a cycle of debt due to the revolving nature of credit card balances, making debt negotiation services essential for managing and reducing these liabilities. The increasing prevalence of credit cards in both developed and developing economies continues to drive the demand for credit card debt negotiation services.

Medical debt is another critical segment within the debt negotiation market. With healthcare costs soaring globally, many individuals face significant medical bills that they struggle to pay off. In countries without universal healthcare, this issue is even m

Graph and download economic data for Delinquency Rate on Credit Card Loans, Banks Not Among the 100 Largest in Size by Assets (DRCCLOBS) from Q1 1991 to Q1 2025 about credit cards, delinquencies, assets, loans, banks, depository institutions, rate, and USA.

Belarus Credits Debt: Customers & Banks: Problem Debt: Overdue Debt: National Currency data was reported at 245.500 BYN mn in Mar 2025. This records an increase from the previous number of 240.900 BYN mn for Feb 2025. Belarus Credits Debt: Customers & Banks: Problem Debt: Overdue Debt: National Currency data is updated monthly, averaging 141.600 BYN mn from Dec 2014 (Median) to Mar 2025, with 124 observations. The data reached an all-time high of 542.500 BYN mn in Nov 2016 and a record low of 73.400 BYN mn in Dec 2019. Belarus Credits Debt: Customers & Banks: Problem Debt: Overdue Debt: National Currency data remains active status in CEIC and is reported by National Bank of the Republic of Belarus. The data is categorized under Global Database’s Belarus – Table BY.KB002: Credits and Other Active Operations: Customers and Banks.

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.

Borrowing against the increase in home equity by existing homeowners was responsible for a significant fraction of the rise in US household leverage from 2002 to 2006 and the increase in defaults from 2006 to 2008. Instrumental variables estimation shows that homeowners extracted 25 cents for every dollar increase in home equity. Home equity-based borrowing was stronger for younger households and households with low credit scores. The evidence suggests that borrowed funds were used for real outlays. Home equity-based borrowing added $1.25 trillion in household debt from 2002 to 2008, and accounts for at least 39 percent of new defaults from 2006 to 2008. JEL: D14, R31

Debt Consolidation Market Size And Forecast

Debt Consolidation Market size was valued at USD 1351 Billion in 2023 and is projected to reach USD 3100 Billion by 2031, growing at a CAGR of 12.49% during the forecast period 2024-2031.

Global Debt Consolidation Market Drivers

The debt consolidation market is influenced by various market drivers that affect consumer behavior, financial institutions, and the overall economic environment. Here are some of the key drivers:

Rising Debt Levels: Increasing levels of consumer debt, including credit cards, personal loans, and student loans, drive individuals to seek debt consolidation solutions to manage their financial obligations more effectively. Economic Conditions: Fluctuations in the economy, such as rising inflation, recession, or unemployment rates, can lead consumers to seek debt consolidation services as they struggle to meet their financial commitments. Interest Rates: The prevailing interest rates significantly affect the demand for debt consolidation. When interest rates are low, consumers are more inclined to consolidate their debts at favorable rates. Conversely, higher rates may deter consolidation efforts.

Global Debt Consolidation Market Restraints

The debt consolidation market, while presenting various opportunities for growth, also faces several market restraints. Here are some of the notable constraints:

High Interest Rates: If interest rates on debt consolidation loans are higher than the existing debt, consumers may be discouraged from pursuing consolidation. This can limit the market's growth potential. Lack of Consumer Awareness: Many consumers may not fully understand the benefits of debt consolidation or may perceive it as merely a temporary solution to financial problems. Lack of financial literacy can deter individuals from seeking these services.