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

Graph and download economic data for Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks (CCLACBW027SBOG) from 2000-06-28 to 2025-05-28 about revolving, credit cards, loans, consumer, banks, depository institutions, and USA.

Consumer Credit in the United States increased to 17.87 USD Billion in April from 8.60 USD Billion in March of 2025. This dataset provides the latest reported value for - United States Consumer Credit Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about India Household Debt

• India Household Debt reached 617.3 USD bn in Mar 2024, compared with the reported number of 486.7 USD bn in the previous year
• India Household Debt: USD mn data is updated yearly, available from Mar 1998 to Mar 2024
• The data reached an all-time high of 617.3 USD bn in Mar 2024 and a record low of 8.8 USD bn in Mar 1998

CEIC converts annual Household Debt into USD. The Reserve Bank of India 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. Household Debt includes Consumer Durables, Housing and Rest of Personal Loans. Household Debt is in annual frequency, ending in March of each year.


Further information about India Household Debt

• In the latest reports, India Household Debt accounted for 17.4 % of the country's Nominal GDP in Mar 2024
• Money Supply M2 in India increased 760.6 USD bn YoY in Apr 2024
• India Foreign Exchange Reserves was measured at 572.6 USD bn in May 2024
• The Foreign Exchange Reserves equaled 9.2 Months of Import in May 2023
• India Domestic Credit reached 3,045.9 USD bn in Apr 2024, representing an increased of 11.1 % YoY

Consumer Debt Settlement Market Outlook

The global consumer debt settlement market size was valued at approximately $4.1 billion in 2023 and is projected to reach $8.3 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 7.8%. The market is primarily driven by increasing consumer debt levels, particularly in credit card debt and personal loans, alongside rising awareness and acceptance of debt settlement services. Factors such as economic instability, elevated healthcare costs, and the rising cost of education have significantly contributed to the growing demand for consumer debt settlement solutions.

Firstly, the escalating levels of consumer debt across the globe have been a major growth factor for the market. Many individuals are finding themselves in financial distress due to high-interest debts, prompting them to seek professional help for debt settlement. The introduction of new and innovative debt settlement solutions by key industry players has also driven market growth. Additionally, the increasing use of technology for managing debt settlement processes has improved efficiency and consumer satisfaction, further boosting market expansion. The ease and accessibility of online platforms have made it simpler for consumers to engage with debt settlement services, thus broadening the market base.

Secondly, the growing consumer awareness regarding the advantages of debt settlement over bankruptcy is another significant growth driver. Debt settlement offers a more manageable and less damaging alternative to resolving unpaid debts, preserving the debtorÂ’s ability to secure credit in the future. Increasing campaigns and educational programs by regulatory bodies and financial institutions to inform consumers about the benefits of debt settlement have also played a crucial role. Such initiatives are particularly impactful in regions with high levels of consumer debt, where individuals are more likely to seek professional debt settlement services.

Lastly, the regulatory landscape has played a crucial role in shaping the consumer debt settlement market. Government policies and regulations aimed at protecting consumers from unfair debt settlement practices have bolstered trust in these services. For example, in the United States, the Federal Trade Commission (FTC) has laid down stringent rules that debt settlement companies must follow to ensure transparency and fairness. Such regulations have not only protected consumers but have also enabled reputable firms to thrive, thereby positively affecting market growth. Countries in Europe and Asia-Pacific have also started adopting similar regulatory frameworks, thus standardizing practices and promoting market growth.

Debt Management Services play a pivotal role in the consumer debt settlement market, offering structured solutions to help individuals and businesses manage their financial obligations effectively. These services encompass a range of strategies, including debt consolidation, negotiation, and financial counseling, aimed at reducing the overall debt burden and improving financial stability. By providing personalized plans tailored to the unique financial situations of their clients, debt management services help consumers avoid the pitfalls of bankruptcy and maintain their creditworthiness. The growing demand for these services is driven by the increasing complexity of financial products and the need for professional guidance in navigating debt repayment options. As more consumers become aware of the benefits of debt management services, the market is expected to see continued growth, with service providers expanding their offerings to meet the diverse needs of their clients.

In terms of regional outlook, North America holds the largest share in the global consumer debt settlement market, primarily due to high consumer debt levels and a well-established financial services industry. Europe is also a significant market, with growth driven by regulatory support and increasing consumer awareness. Asia-Pacific is expected to witness the fastest growth, attributed to rising disposable incomes and increasing financial literacy. Latin America and the Middle East & Africa, while currently smaller markets, are showing potential for significant growth due to improving economic conditions and increasing adoption of debt settlement services.

Type Analysis

The consumer debt settlement market is segmented by type into Credit Card Debt, Medical Bills, Personal Loans, Student Loans, a

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.

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 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.

Global Consumer Debt Settlement market size 2025 was XX Million. Consumer Debt Settlement Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.

Key information about Peru Household Debt

• Peru Household Debt reached 46.4 USD bn in Jan 2025, compared with the reported number of 45.7 USD bn in the previous month
• Peru Household Debt: USD mn data is updated monthly, available from Jan 2001 to Jan 2025
• The data reached an all-time high of 46.4 USD bn in Jan 2025 and a record low of 2.3 USD bn in May 2001

CEIC converts monthly Household Debt into USD. The Central Reserve Bank of Peru provides Household Debt in local currency. The Central Reserve Bank of Peru 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 Loan


Further information about Peru Household Debt

• In the latest reports, Peru Household Debt accounted for 15.9 % of the country's Nominal GDP in Dec 2024
• Money Supply M2 in Peru increased 136.2 USD bn YoY in Jan 2025
• Peru Foreign Exchange Reserves was measured at 72.8 USD bn in Dec 2024
• The Foreign Exchange Reserves equaled 16.7 Months of Import in Nov 2024
• Peru Domestic Credit reached 57.9 USD bn in Dec 2024, representing an increased of 2.8 % YoY

The consumer debt settlement market is experiencing robust growth, driven by increasing consumer debt levels globally and a rising need for professional debt management solutions. The market size in 2025 is estimated at $15 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 12% from 2025 to 2033. This growth is fueled by several key factors: the increasing prevalence of high-interest debt (credit cards, medical loans, student loans), economic uncertainties leading to financial distress, and the increasing awareness of debt settlement services as a viable alternative to bankruptcy. The market is segmented by debt type (credit card, medical, student loans, and others) and loan type (open-end and closed-end). North America currently holds the largest market share, primarily due to higher consumer debt levels and a well-established debt settlement industry. However, growth in other regions, particularly Asia-Pacific and Europe, is expected to be significant, driven by rising middle classes and increased access to financial services. The competitive landscape is characterized by a mix of large national firms and smaller regional players. Companies like Freedom Debt Relief, Rescue One Financial, and National Debt Relief are key market leaders, leveraging their brand recognition and established processes. However, the market also presents opportunities for smaller firms specializing in niche areas like medical debt settlement or student loan consolidation. The market faces challenges, including stringent regulatory environments, concerns about ethical practices within the industry, and the need to build trust with financially vulnerable consumers. To mitigate these challenges, companies are focusing on transparent pricing, improved customer service, and enhanced technological solutions to streamline the debt settlement process. Future growth will depend on factors such as economic conditions, regulatory changes, and the continued evolution of financial technologies that support consumer debt management.

The global debt consolidation market, encompassing both consumer and corporate segments, is experiencing robust growth, driven by increasing personal and business debt levels coupled with rising interest rates. The consumer segment, dominated by credit card debt, student loans, and medical bills, is the larger of the two, fueled by readily available credit and often unpredictable financial emergencies. Several factors contribute to this growth. The rise of fintech companies offering streamlined debt consolidation solutions, combined with increased awareness of debt management strategies, is making it easier for individuals to consolidate their debts into more manageable payments. However, this segment also faces challenges, including stringent lending criteria and the potential for high fees associated with some consolidation programs. We estimate the consumer debt consolidation market size to be approximately $150 billion in 2025, growing at a compound annual growth rate (CAGR) of 8% through 2033. This growth is influenced by economic factors such as inflation and employment rates. The corporate debt consolidation market, while smaller than the consumer segment, exhibits significant potential for growth. Companies often utilize debt consolidation to simplify their financial structure, improve credit ratings, and lower overall borrowing costs. Larger corporations, in particular, benefit from the improved financial stability this provides, allowing them to pursue strategic initiatives and long-term investments with greater confidence. Factors like mergers and acquisitions, and the need to restructure existing debt obligations in response to market fluctuations, are key drivers. We project a 2025 market size of around $75 billion for corporate debt consolidation, with a CAGR of 7% over the forecast period. This relatively slower growth rate compared to the consumer segment reflects the more deliberate and strategic nature of corporate debt management decisions. The competitive landscape features both established financial institutions and innovative fintech players vying for market share in both sectors.

Key information about Ukraine Household Debt

• Ukraine Household Debt reached 7.1 USD bn in Jan 2025, compared with the reported number of 6.9 USD bn in the previous month
• Ukraine Household Debt: USD mn data is updated monthly, available from Dec 2002 to Jan 2025
• The data reached an all-time high of 43.9 USD bn in Sep 2008 and a record low of 685.6 USD mn in Dec 2002

CEIC converts monthly Household Debt into USD. The National Bank of Ukraine provides Household Debt in local currency. The National Bank of Ukraine 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 Ukraine Household Debt

• In the latest reports, Ukraine Household Debt accounted for 3.6 % of the country's Nominal GDP in Dec 2023
• Money Supply M2 in Ukraine increased 81.5 USD bn YoY in Jan 2025
• Ukraine Foreign Exchange Reserves was measured at 36.8 USD bn in Feb 2025
• The Foreign Exchange Reserves equaled 5.7 Months of Import in Dec 2024
• Ukraine Domestic Credit reached 58.1 USD bn in Jan 2025, representing an increased of 6.8 % YoY

Report of Consumer Debt Settlement Market is covering the summarized study of several factors encouraging the growth of the market such as market size, market type, major regions and end user applications. By using the report customer can recognize the several drivers that impact and govern the market. The report is describing the several types of Consumer Debt Settlement Industry. Factors that are playing the major role for growth of specific type of product category and factors that are motivating the status of the market.

Credit card debt in the United States has been growing at a fast pace between 2021 and 2024. 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 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.

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Debt Settlement Market Size 2024-2028

The debt settlement market size is forecast to increase by USD 5.07 billion at a CAGR of 10.3% between 2023 and 2028.

The market is experiencing significant growth due to the increasing trend of consumers seeking relief from mounting credit card debts. One-time debt settlement has gained popularity as an effective solution for individuals looking to reduce their outstanding debt balances. However, the time-consuming nature of negotiations between debtors and creditors poses a challenge for market expansion. Despite this, the market's strategic landscape remains favorable for companies offering debt settlement services. Key drivers include the rising number of consumers struggling with debt, increasing awareness of debt settlement as a viable debt relief option, and the growing preference for affordable and flexible debt repayment plans.
Companies seeking to capitalize on market opportunities should focus on streamlining the negotiation process, leveraging technology to enhance customer experience, and building trust and transparency with clients. Effective operational planning and strategic partnerships with creditors can also help companies navigate the challenges of a competitive and complex market.

What will be the Size of the Debt Settlement Market during the forecast period?

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The market encompasses a range of companies offering financial wellness programs to help consumers manage and reduce their debt. These programs include medical Debt collection, consumer debt relief, and financial education resources. Online financial resources and debt management software are increasingly popular, providing consumers with affordable debt solutions and debt negotiation strategies. However, it's crucial for consumers to be aware of debt settlement scams and their settlement success rates. Debt consolidation loans and financial planning tools are also viable options for responsible debt management. Furthermore, financial literacy education and workshops are essential for consumers to understand debt reduction calculators and credit reporting errors.
Consumer financial protection agencies offer financial counseling services and financial planning advice to promote financial wellness strategies and responsible borrowing. Student loan forgiveness programs are also gaining traction in the market. Overall, the market for debt settlement and financial wellness solutions continues to evolve, with a focus on providing accessible and effective debt relief options for consumers.

How is this Debt Settlement Industry segmented?

The debt settlement industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Credit card debt
  Student loan debt
  Medical debt
  Auto loan debt
  Unsecured personal loan debt
  Others


End-user

  Individual
  Enterprise
  Government


Distribution Channel

  Online
  Offline
  Hybrid


Service Type

  Debt Settlement
  Debt Consolidation
  Debt Management Plans
  Credit Counseling


Provider Type

  For-profit Debt Settlement Companies
  Non-profit Credit Counseling Agencies
  Law Firms
  Financial Institutions


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa



  APAC

    China
    India
    Japan
    South Korea


  South America



  Rest of World (ROW)

By Type Insights

The credit card debt segment is estimated to witness significant growth during the forecast period.

The market experiences significant activity due to the escalating credit card debt among consumers. In India, for instance, the rising financial hardships faced by borrowers are evident in the increasing credit card defaults. The latest data indicates that credit card defaults in India reached 1.8% in June 2024, a notable increase from 1.7% six months prior and 1.6% in March 2023. This trend underscores the mounting financial pressures on consumers. The outstanding credit card debt in India mirrors this trend, with approximately USD3.25 billion in outstanding balances as of June 2024, a slight increase from the previous year.

Debt elimination and negotiation strategies, such as debt relief programs and debt consolidation, have become increasingly popular among consumers seeking financial relief. Credit reporting agencies play a crucial role in this process, as they maintain and report consumers' credit histories to lenders. Student loan debt, medical debt, tax debt, and payday loans are other significant contributors to the market. Consumers often turn to debt validation, credit repair, and financial coaching for guidance in managing their debts. Online platforms, mobile apps, and budgeting tools have become

The debt management services market is experiencing robust growth, driven by rising personal debt levels globally and increasing awareness of professional debt solutions. While precise figures for market size and CAGR weren't provided, a reasonable estimation, based on industry reports showing similar markets experiencing 5-8% annual growth, suggests a 2025 market size of approximately $15 billion USD. Projecting a conservative CAGR of 6% for the forecast period (2025-2033), the market is anticipated to reach approximately $25 billion USD by 2033. This growth is fueled by several key factors: a rise in consumer debt due to factors such as increased credit card usage and student loan burdens, the growing prevalence of financial illiteracy and the need for professional guidance, and a shift toward digital platforms offering accessible and convenient debt management solutions. The market is segmented by profit status (for-profit and non-profit) and application (individual and commercial), with the individual segment currently dominating. Key players like Money Management International and InCharge Debt Solutions are leveraging technology and expanding their service offerings to cater to this growing demand, while facing challenges such as regulatory scrutiny and the ongoing threat of financial scams. The geographical distribution of the debt management services market is diverse, with North America and Europe currently holding the largest market share. However, emerging economies in Asia-Pacific and regions in Africa are exhibiting promising growth potential. This expansion is attributed to increasing disposable incomes, improving financial literacy programs in certain regions, and the availability of debt consolidation services. Factors such as economic downturns, changes in consumer behavior and evolving regulatory frameworks pose restraints to market growth. However, the market's adaptability and the increasing need for effective debt solutions suggest a continuous upward trajectory in the foreseeable future. Future growth will likely depend on effective marketing, technological innovation, and strategic partnerships to better reach underserved populations.

The debt adjustment market is experiencing robust growth, driven by increasing consumer debt levels globally and a rising awareness of debt management solutions. The market's expansion is fueled by several key factors: the surge in personal loans, credit card debt, and student loan burdens; the growing accessibility of online debt counseling and negotiation services; and the increasing sophistication of debt adjustment strategies employed by both consumers and debt relief companies. While economic downturns can temporarily restrain market growth, the long-term trend points towards sustained expansion. Segmentation reveals a strong demand for open-end loan adjustments, reflecting the persistent nature of revolving credit debt. The market is geographically diverse, with North America and Europe currently holding significant market shares, but developing economies in Asia-Pacific and other regions are showing promising growth potential, driven by rising middle classes and increased access to credit. The competitive landscape is characterized by both large established companies and smaller niche players, all vying to cater to diverse client needs. This competitive dynamic fosters innovation and drives down prices, further expanding market access. The forecast period of 2025-2033 is expected to witness substantial growth, particularly in regions experiencing rapid economic development. The continued evolution of digital technologies is further facilitating access to debt adjustment services, making them more convenient and affordable for a broader consumer base. Effective regulatory frameworks and consumer protection measures will play a crucial role in ensuring responsible and sustainable growth within this market. While challenges such as fluctuating interest rates and economic uncertainty remain, the inherent need for debt management solutions suggests a positive outlook for the debt adjustment market's trajectory in the coming years. Proactive financial literacy programs and the development of innovative debt solutions will be vital factors influencing the overall market evolution.

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

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