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.

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.

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.

In 2023, the debt services payments to disposable income ratio in the United States has remained relatively stable. That came after a sharp drop of the ratio in 2021 and 2022, which was followed by a rapid increase of the debt service payments, as they represented over 9.8 percent of their personal disposable income in the last quarter of 2023. In this context, debt service refers to the amount of money that households need to pay up their debts, including the interest rates of their loans and lending.

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.

United States HH Debt: Balance: Delinquent Loan: More Than 90 Days: Home Equity data was reported at 1.190 % in Mar 2020. This records an increase from the previous number of 0.840 % for Dec 2019. United States HH Debt: Balance: Delinquent Loan: More Than 90 Days: Home Equity data is updated quarterly, averaging 1.320 % from Mar 1999 (Median) to Mar 2020, with 85 observations. The data reached an all-time high of 4.930 % in Sep 2012 and a record low of 0.150 % in Jun 2004. United States HH Debt: Balance: Delinquent Loan: More Than 90 Days: Home Equity 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.

Global Household Debt Share by Country (US Dollars), 2023 Discover more data with ReportLinker!

Graph and download economic data for Financial Soundness Indicator, Households; Debt as a Percent of Gross Domestic Product, Level (BOGZ1FL010000336Q) from Q4 1946 to Q4 2024 about debt, percent, households, GDP, indexes, and USA.

Graph and download economic data for Gross Federal Debt Held by the Public as Percent of Gross Domestic Product (FYPUGDA188S) from 1939 to 2023 about public, gross, debt, federal, GDP, and USA.

In the academic year of 2022/2023, 27.2 billion U.S. dollars was offered to students in the form of Federal Pell Grants. Altogether, 177 billion U.S. dollars worth of student aid were provided across the country.

Mortgages made up over 70 percent of the overall total household debt balance in the United States in the first half of 2024. Student loans and car loans represented around nine percent of the overall household debt balance each. The distribution of household credit has been relatively stable since 2007. HE revolving credit was the type of household lending with the smallest market share, apart from the other category.

Graph and download economic data for Households and Nonprofit Organizations; Debt Securities and Loans Excluding One-to-Four-Family Residential Mortgages and Consumer Credit; Liability, Revaluation (BOGZ1FR154104905A) from 1946 to 2024 about revaluation, nonprofit organizations, consumer credit, mortgage, liabilities, debt, securities, loans, households, consumer, housing, and USA.

The home mortgage debt of households and nonprofit organizations amounted to approximately 13.1 trillion U.S. dollars in the first quarter of 2024. Mortgage debt has been growing steadily since 2014, when it was less than 10 billion U.S. dollars and has increased at a faster rate since the beginning of the coronavirus pandemic due to the housing market boom.

Home mortgage sector in the United States

Home mortgage sector debt in the United States has been steadily growing in recent years and is beginning to come out of a period of great difficulty and problems presented to it by the economic crisis of 2008. For the previous generations in the United States the real estate market was quite stable. Financial institutions were extending credit to millions of families and allowed them to achieve ownership of their own homes. The growth of the subprime mortgages and, which went some way to contributing to the record of the highest US homeownership rate since records began, meant that many families deemed to be not quite creditworthy were provided the opportunity to purchase homes.

The rate of home mortgage sector debt rose in the United States as a direct result of the less stringent controls that resulted from the vetted and extended terms from which loans originated. There was a great deal more liquidity in the market which allowed greater access to new mortgages. The practice of packaging mortgages into securities, and their subsequent sale into the secondary market as a way of shifting risk, was to be a major factor in the formation of the American housing bubble, one of the greatest contributing factors to the global financial meltdown of 2008.

The statistic presents the household debt in the United States from 2008 to 2013 as of fourth quarter each year, by debt category. It was found that mortgage debt amounted to 8.05 trillion U.S. dollars in the fourth quarter of 2013.

家庭还债率：季节性调整后在06-01-2018达9.843NA，相较于03-01-2018的9.864NA有所下降。家庭还债率：季节性调整后数据按季更新，03-01-1980至06-01-2018期间平均值为11.285NA，共154份观测结果。该数据的历史最高值出现于12-01-2007，达13.228NA，而历史最低值则出现于12-01-2012，为9.839NA。CEIC提供的家庭还债率：季节性调整后数据处于定期更新的状态，数据来源于Federal Reserve Board，数据归类于全球数据库的美国 – 表 US.KA013：家庭债务清偿业务和债务比率：季节性调整后。

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.

HH Debt：Consumer Bankcruptcies在03-01-2020达188.980千NA，相较于12-01-2019的201.820千NA有所下降。HH Debt：Consumer Bankcruptcies数据按季更新，09-01-1999至03-01-2020期间平均值为385.460千NA，共83份观测结果。该数据的历史最高值出现于12-01-2005，达948.620千NA，而历史最低值则出现于09-01-2019，为186.120千NA。CEIC提供的HH Debt：Consumer Bankcruptcies数据处于定期更新的状态，数据来源于Federal Reserve Bank of New York，数据归类于全球数据库的美国 – 表 US.KA012：家庭债务。

Graph and download economic data for Households and Nonprofit Organizations; Debt Service Payments (FSIs), Transactions (BOGZ1FU154104023Q) from Q1 1980 to Q3 2024 about payments, nonprofit organizations, transactions, debt, households, services, and USA.

Graph and download economic data for U.S.-Chartered Depository Institutions; Debt Securities and Loans; Liability, Level (CBTCMDODFS) from Q4 1945 to Q4 2024 about credit market, sector, financial, debt, commercial, domestic, banks, depository institutions, and USA.

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 Q3 2024 about 90 days +, accounts, FR Y-14M, consumer credit, credit cards, large, balance, loans, consumer, banks, depository institutions, rate, and USA.