Consumers in the United States had over 16 trillion dollars in debt as of the third quarter of 2023. The majority of that debt were home mortgages, amounting to approximately 11.4 trillion U.S. dollars. Student and car loans were the second and third largest component of household debt. Why is consumer debt important?Debt influences the Consumer Sentiment Index, which is an important indicator assessing the state of the U.S. economy. The U.S. housing market is also seen a bellwether of the economic conditions in the country. The housing industry employs a large number of people, and mortgages are large investments that consumers will pay off over the course of years, sometimes decades. Because of this, financial analysts closely watch consumer debt and its effects on the demand for housing. Attitudes towards debt Consumer perception of debt differed, depending on the kind of debt in question. While most saw a home mortgage as a positive investment, they increasingly looked at student loan debt as a negative debt. With education costs increasing, people are incurring more student loan debt in the United States. Credit card debt also had negative connotations.

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

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.

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.

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.

Households Debt in the United States decreased to 70.50 percent of GDP in the third quarter of 2024 from 70.70 percent of GDP in the second quarter of 2024. This dataset provides - United States Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 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: % 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.

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

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.

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

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.

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).

As of the third quarter of 2024, the levels of debt from consumer lending in the United States amounted to over five trillion U.S. dollars. The consumer credit debt of households and nonprofit organizations increased steadily in the last decade. Throughout that period, the outstanding consumer credit in the U.S. has also been growing.

Consumer Credit in the United States decreased to 18.08 USD Billion in January from 37.05 USD Billion in December of 2024. 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.

United States - Consumer Debt Service Payments as a Percent of Disposable Personal Income was 5.51% in October of 2024, according to the United States Federal Reserve. Historically, United States - Consumer Debt Service Payments as a Percent of Disposable Personal Income reached a record high of 7.31 in October of 2005 and a record low of 4.31 in January of 2021. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Consumer Debt Service Payments as a Percent of Disposable Personal Income - last updated from the United States Federal Reserve on March of 2025.

United States HH Debt: Balance: New Delinquent Loan: Credit Card data was reported at 6.840 % in Mar 2020. This records a decrease from the previous number of 6.950 % for Dec 2019. United States HH Debt: Balance: New Delinquent Loan: Credit Card data is updated quarterly, averaging 8.081 % from Mar 2003 (Median) to Mar 2020, with 69 observations. The data reached an all-time high of 13.780 % in Dec 2009 and a record low of 5.073 % in Jun 2016. United States HH Debt: Balance: New Delinquent Loan: Credit Card data remains active status in CEIC and is reported by Federal Reserve Bank of New York. The data is categorized under Global Database’s United States – Table US.KB027: Household Debt.

United States - Household Debt Service Payments as a Percent of Disposable Personal Income was 11.28% in October of 2024, according to the United States Federal Reserve. Historically, United States - Household Debt Service Payments as a Percent of Disposable Personal Income reached a record high of 15.85 in October of 2007 and a record low of 9.08 in January of 2021. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Household Debt Service Payments as a Percent of Disposable Personal Income - last updated from the United States Federal Reserve on March of 2025.