Private Debt to GDP in the United States decreased to 142 percent in 2024 from 147.50 percent in 2023. United States Private Debt to GDP - values, historical data, forecasts and news - updated on December of 2025.

Between 2000 and 2024, the total outstanding of both public and private debt in the United States across all sectors increased significantly, growing from 28.64 trillion U.S. dollars to 102.21 trillion U.S. dollars. These figures include all outstanding loans and debt securities from companies, households, and governments.

Graph and download economic data for Outstanding International Private Debt Securities to GDP for United States (DDDM05USA156NWDB) from 1980 to 2020 about debt, securities, private, GDP, and USA.

Key information about United States Total Debt: % of GDP

• United States Total Debt accounted for 718.9 % of the country's GDP in 2025, compared with the ratio of 718.5 % in the previous quarter.
• US Total Debt: % of GDP data is updated quarterly, available from Dec 1951 to Jun 2025.
• The data reached an all-time high of 834.1 % in Mar 2021 and a record low of 309.4 % in Jun 1953.

Graph and download economic data for Outstanding Domestic Private Debt Securities to GDP for United States (DDDM03USA156NWDB) from 1996 to 2011 about debt, domestic, securities, private, GDP, and USA.

Private credit activity in the United States increased considerably in the last decade. Between 2019 and 2020, the value of assets under management (AUM) in the private credit industry jumped to over *** trillion U.S. dollars, and kept increasing in the following years. By the end of 2023, private credit AUM amounted to *** trillion U.S. dollars.

Private Sector Credit in the United States increased to 13147.30 USD Billion in October from 13082 USD Billion in September of 2025. This dataset provides - United States Private Sector Credit- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Total Credit to Private Non-Financial Sector, Adjusted for Breaks, for United States (QUSPAM770A) from Q4 1947 to Q1 2025 about adjusted, credits, nonfinancial, sector, private, and USA.

Key information about United States Debt Service Ratio: Private Non-Financial Sector

• United States Debt Service Ratio: Private Non-Financial Sector was reported at 14.300 % in Mar 2025
• This records a decrease from the previous number of 14.500 % for Dec 2024
• US Debt Service Ratio: Private Non-Financial Sector data is updated quarterly, averaging 14.800 % from Mar 1999 to Mar 2025, with 105 observations
• The data reached an all-time high of 18.500 % in Dec 2007 and a record low of 13.800 % in Mar 2021
• US Debt Service Ratio: Private Non-Financial Sector data remains active status in CEIC and is reported by Bank for International Settlements
• The data is categorized under World Trend Plus’s Association: Banking Sector – Table RC.BIS.DSR: G1 Private Non-Financial Sector (PNF): Quarterly

Outstanding Domestic Private Debt Securities to GDP for United States was 91.86% in January of 2011, according to the United States Federal Reserve. Historically, Outstanding Domestic Private Debt Securities to GDP for United States reached a record high of 119.95 in January of 2008 and a record low of 68.19 in January of 1990. Trading Economics provides the current actual value, an historical data chart and related indicators for Outstanding Domestic Private Debt Securities to GDP for United States - last updated from the United States Federal Reserve on December of 2025.

In 2024, companies receiving private credit in the United States contributed to the country's gross domestic product (GDP) with *** billion U.S. dollars and generated ******* jobs translating in ** billion U.S. dollars of wage and benefits. *****************, and ******** were the states with the highest employment figures, wages, and GPD related to companies receiving private credit.

According to a survey conducted in the United States among private credit firms, the preferred private debt strategy these firms pursue was **************, indicated by ** percent of respondents. On the other hand, ************ and was among the least preferred strategies, chosen by ** percent of respondents.

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.

Actual value and historical data chart for United States Outstanding International Private Debt Securities To GDP Percent

United States US: Private Credit Bureau Coverage: % of Adults data was reported at 100.000 % in 2017. This stayed constant from the previous number of 100.000 % for 2016. United States US: Private Credit Bureau Coverage: % of Adults data is updated yearly, averaging 100.000 % from Dec 2013 (Median) to 2017, with 5 observations. The data reached an all-time high of 100.000 % in 2017 and a record low of 100.000 % in 2017. United States US: Private Credit Bureau Coverage: % of Adults data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United States – Table US.World Bank.WDI: Businesses Registered Statistics. Private credit bureau coverage reports the number of individuals or firms listed by a private credit bureau with current information on repayment history, unpaid debts, or credit outstanding. The number is expressed as a percentage of the adult population.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; Unweighted average; Data are presented for the survey year instead of publication year.

Households Debt in the United States decreased to 68.30 percent of GDP in the first quarter of 2025 from 69.40 percent of GDP in the fourth 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 Private Credit by Deposit Money Banks to GDP for United States (DDDI01USA156NWDB) from 1960 to 2020 about credits, banks, private, depository institutions, GDP, and USA.

Private Credit Market Outlook

According to our latest research, the global private credit market size reached USD 1.58 trillion in 2024, demonstrating robust expansion driven by increasing demand for alternative financing options. The market is projected to grow at a CAGR of 10.9% from 2025 to 2033, reaching an estimated USD 3.74 trillion by 2033. This growth is primarily fueled by the tightening of traditional bank lending, the proliferation of private equity activity, and the need for flexible capital solutions across various industries.

The rapid growth of the private credit market is underpinned by several key factors. Foremost among these is the ongoing retrenchment of traditional banks from middle-market and non-investment-grade lending, a trend accelerated by post-financial crisis regulations and recent macroeconomic uncertainties. As banks have become more risk-averse and regulatory capital requirements have tightened, borrowers—especially small and medium-sized enterprises (SMEs) and those involved in complex transactions—are increasingly turning to private credit providers for tailored financing solutions. Furthermore, the appetite for yield among institutional investors in a low-interest-rate environment has prompted significant capital inflows into private credit funds, which are able to offer attractive risk-adjusted returns compared to public fixed income instruments.

Another major growth catalyst is the expansion of private equity activity worldwide. Private equity sponsors frequently utilize private credit to finance buyouts, acquisitions, and recapitalizations, particularly in the mid-market segment where bespoke financing structures are often required. The flexibility of private credit—offering a range of instruments such as direct lending, mezzanine, and special situations financing—enables it to serve the unique needs of these transactions. This symbiotic relationship between private equity and private credit is further reinforced by the increasing sophistication of private credit managers, who are leveraging deep sector expertise and advanced risk management practices to underwrite complex deals and mitigate downside risks.

The ongoing digital transformation and innovation within the financial services sector are also propelling the private credit market forward. The adoption of advanced analytics, artificial intelligence, and digital platforms has enhanced the efficiency and transparency of private credit transactions. These technological advancements facilitate better risk assessment, faster deal execution, and improved monitoring of borrower performance, thereby increasing investor confidence and broadening the investor base. Additionally, the emergence of new asset classes—such as venture debt and infrastructure financing—has diversified the market, attracting a wider range of borrowers and investors.

From a regional perspective, North America continues to dominate the private credit market, accounting for the largest share in 2024, followed by Europe and Asia Pacific. The United States, in particular, benefits from a mature private credit ecosystem, robust investor appetite, and a deep pool of mid-market borrowers. However, Europe is rapidly catching up, buoyed by regulatory reforms and the growth of non-bank lending platforms. The Asia Pacific region is emerging as a key growth frontier, driven by economic expansion, increasing private equity activity, and evolving regulatory frameworks that support alternative lending. Latin America and the Middle East & Africa, while currently representing smaller shares, are poised for accelerated growth as market infrastructure develops and investor awareness increases.

Type Analysis

The private credit market is segmented by type into direct lending, mezzanine financing, distressed debt, special situations, venture debt, and others. Direct lending remains the dominant category, accounting for the largest share of private credit assets under management in 2024. This segment's popularity is largely attributed to its ability to provide tailored, bilateral financing solutions directly to borrowers, bypassing the need for intermediaries. Direct lending is particularly attractive to mid-market companies that may not have access to traditional bank loans or public debt markets, offering flexible terms and faster execution. The rise of non-bank lenders and specialized private debt funds has further fueled the growth of this segme

The number of private credit funds raising capital in the United States peaked in 2021 at ***. In 2022 and 2023, however, the private credit fund count decreased significantly, reaching ***. The value of private credit fundraising in 2023 amounted to *** billion U.S. dollars.

Private Debt Placement Market Outlook

According to our latest research, the global private debt placement market size reached USD 1.46 trillion in 2024, demonstrating robust growth driven by increased demand for alternative financing and greater investor appetite for yield. The market is expected to expand at a CAGR of 8.2% from 2025 to 2033, reaching an estimated USD 2.85 trillion by 2033. This growth is primarily fueled by the tightening of traditional bank lending, evolving regulatory frameworks, and the rising sophistication of both issuers and investors in structuring bespoke debt solutions.

One of the most significant growth drivers for the private debt placement market is the continued retreat of traditional banks from certain lending segments due to stringent regulatory requirements post the global financial crisis. This retrenchment has opened up opportunities for private debt providers to fill the financing gap, particularly for mid-market corporates and infrastructure projects that require flexible, customized capital solutions. Furthermore, the low-interest-rate environment over the past decade has prompted institutional investors to seek higher-yielding assets, making private debt an attractive alternative to public fixed-income instruments. The growing acceptance of private placements among both issuers and investors has further accelerated market expansion, as these instruments offer confidentiality, speed, and flexibility compared to public debt issuance.

Another key factor propelling the private debt placement market is the increasing sophistication and diversification of private debt instruments. The emergence of innovative structures such as unitranche, mezzanine, and subordinated debt has enabled issuers to tailor financing packages that align with their unique capital needs and risk profiles. At the same time, investors benefit from enhanced risk-adjusted returns and the ability to negotiate covenants and terms directly with borrowers. The proliferation of private credit funds and the entry of non-traditional investors such as insurance companies and pension funds have expanded the pool of available capital, intensifying competition and driving innovation in deal structuring. This dynamic ecosystem has contributed to the rapid growth and maturation of the private debt placement market globally.

Technological advancements and digitalization have also played a pivotal role in shaping the private debt placement market. The adoption of digital platforms for deal origination, due diligence, and syndication has streamlined the private placement process, reducing transaction costs and improving transparency. Enhanced data analytics and risk assessment tools have empowered investors to make more informed decisions, while issuers benefit from faster access to capital and a broader investor base. Moreover, the increasing integration of environmental, social, and governance (ESG) criteria into private debt transactions is attracting a new class of responsible investors, further fueling market growth. These technological and structural shifts are expected to continue driving innovation and efficiency in the private debt placement landscape.

From a regional perspective, North America remains the largest market for private debt placements, accounting for over 45% of global transaction volume in 2024, followed by Europe and Asia Pacific. The United States, in particular, boasts a mature and sophisticated private placement ecosystem, supported by a deep pool of institutional investors and a favorable regulatory environment. Europe has witnessed significant growth, driven by the increasing penetration of private debt funds and evolving bank lending dynamics. Meanwhile, Asia Pacific is emerging as a high-growth region, underpinned by rapid economic expansion, infrastructure development, and a burgeoning middle-market segment seeking alternative financing sources. Latin America and the Middle East & Africa are also showing promising signs of growth, albeit from a smaller base, as local markets develop and regulatory frameworks evolve to support private capital formation.