Consumers in the United States had over **** trillion dollars in debt as of the first quarter of 2025. The majority of that debt were home mortgages, amounting to approximately **** 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

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.

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.

Key information about India Household Debt: % of GDP

• India household debt accounted for 17.1 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 14.9 % in the previous year.
• India household debt to GDP ratio is updated yearly, available from Mar 1998 to Mar 2024.
• The data reached an all-time high of 17.1 % in Mar 2024 and a record low of 2.2 % in Mar 1999.

CEIC calculates annual Household Debt as % of Nominal GDP from annual Household Debt and annual Nominal GDP. The Reserve Bank of India provides Household Debt in local currency. Ministry of Statistics and Programme Implementation provides Nominal GDP in local currency based on SNA 2008, at 2011-2012 prices. 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 as % of Nominal GDP is in annual frequency, ending in March of each year.


Related information about India Household Debt: % of GDP

• In the latest reports, India Household Debt reached 617.3 USD bn in Mar 2024.
• Money Supply M2 in India increased 7.9 % YoY in Nov 2024.
• India Foreign Exchange Reserves was measured at 547.5 USD bn in Dec 2024.
• The Foreign Exchange Reserves equaled 9.2 Months of Import in May 2023.
• India Domestic Credit reached 3,168.1 USD bn in Dec 2024, representing an increased of 11.1 % YoY.
• The country's Non Performing Loans Ratio stood at 2.8 % in Mar 2024, compared with the ratio of 3.9 % in the previous year.

Graph and download economic data for Household Debt Service Payments as a Percent of Disposable Personal Income (TDSP) from Q1 1980 to Q1 2025 about disposable, payments, debt, personal income, percent, personal, households, services, income, and USA.

Households Debt in Finland decreased to 63.30 percent of GDP in the fourth quarter of 2024 from 63.90 percent of GDP in the third quarter of 2024. This dataset provides - Finland Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Households Debt in China decreased to 60 percent of GDP in the fourth quarter of 2024 from 60.10 percent of GDP in the third quarter of 2024. This dataset provides - China Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

In the 4th quarter of 2024, the debt of households in the United Kingdom amounted to ***** percent of their income. This indicator shows the average level of indebtedness of the general population and their ability to repay their debts. The total value of household debt (total liabilities and loans to households) has increased annually since 2000. Debt to income ratio increased during the pandemic As we have seen here, households have been decreasing their indebtedness levels in the past years. However, the volume of new consumer lending actually soared between 2022 and 2024. Meanwhile, the growth rate of mortgages in the UK has remained lower these past years, but it has also shown an increase on amount of lending.

Indebtedness in Europe The household debt of many countries in Europe as a share of their disposable income in 2024 was over 100 percent. That was mostly the case for Northern and Western European countries, such as Norway, the Netherlands, and Denmark. Germany and Austria were some of the largest exceptions, as they were among the few countries in that part of Europe with households' debt representing less than ** percent of their income.

Households Debt in India increased to 41.90 percent of GDP in the fourth quarter of 2024 from 41.30 percent of GDP in the third quarter of 2024. This dataset provides - India Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2022, household debt in Japan accounted for 68.4 percent of the gross domestic product (GDP). The share increased from 68 percent in the previous year.

 Household debt 

Total household financial liabilities rose to around 382.9 trillion Japanese yen in the second quarter of 2023, most of which comprised housing loans. A distribution of financial liabilities held by multi-person households revealed that loans taken out for the purchase of homes and land were the primary reason for an increase in the average amount of liabilities per household in recent years. The average amount of financial liabilities per multi-person household decreased proportionally with increasing age: household debt reached the highest levels among households with a household head aged below 40 years, while households headed by over 70-year-olds reported the lowest amount of outstanding debt.

 Regional disparities 

A closer look at the geographical distribution of household debt revealed large disparities across different regions in the country: at 6.65 million yen, financial liabilities per multi-person household were highest in the Kanto region, which is home to Japan’s capital Tokyo where a large proportion of the Japanese workforce is concentrated. At the same time, the average household debt in Okinawa, the southernmost region of Japan, was 4.32 million yen.

Key information about Philippines Household Debt: % of GDP

• Philippines household debt accounted for 11.7 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 11.3 % in the previous quarter.
• Philippines household debt to GDP ratio is updated quarterly, available from Mar 2009 to Dec 2024.
• The data reached an all-time high of 11.7 % in Dec 2024 and a record low of 4.7 % in Mar 2009.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. Bangko Sentral ng Pilipinas provides Household Debt in local currency. Philippine Statistics Authority provides Nominal GDP in local currency. Loans are used due to the lack of Flow of Funds statistics.


Related information about Philippines Household Debt: % of GDP

• In the latest reports, Philippines Household Debt reached 53.2 USD bn in Dec 2024.
• Money Supply M2 in Philippines increased 7.2 % YoY in Jan 2025.
• Philippines Foreign Exchange Reserves was measured at 90.8 USD bn in Dec 2024.
• The Foreign Exchange Reserves equaled 7.6 Months of Import in Jan 2025.
• Philippines Domestic Credit reached 347.3 USD bn in Jan 2025, representing an increased of 10.9 % YoY.
• The country's Non Performing Loans Ratio stood at 3.3 % in Dec 2024, compared with the ratio of 3.5 % in the previous month.

Households Debt in Canada decreased to 171.10 percent of gross income in 2025 from 173.07 percent in 2024. This dataset provides - Canada Households Debt To Income- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Households Debt in Mexico increased to 16.70 percent of GDP in the fourth quarter of 2024 from 16.50 percent of GDP in the third quarter of 2024. This dataset provides - Mexico Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Philippines Household Debt

• Philippines Household Debt reached 53.2 USD bn in Dec 2024, compared with the reported number of 52.2 USD bn in the previous quarter
• Philippines Household Debt: USD mn data is updated quarterly, available from Mar 2009 to Dec 2024
• The data reached an all-time high of 53.2 USD bn in Dec 2024 and a record low of 8.0 USD bn in Mar 2009

CEIC converts quarterly Household Debt into USD. Bangko Sentral ng Pilipinas provides Household Debt in local currency. Bangko Sentral ng Pilipinas 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 Philippines Household Debt

• In the latest reports, Philippines Household Debt accounted for 11.7 % of the country's Nominal GDP in Dec 2024
• Money Supply M2 in Philippines increased 303.6 USD bn YoY in Jan 2025
• Philippines Foreign Exchange Reserves was measured at 90.8 USD bn in Dec 2024
• The Foreign Exchange Reserves equaled 7.6 Months of Import in Jan 2025
• Philippines Domestic Credit reached 347.3 USD bn in Jan 2025, representing an increased of 10.9 % YoY

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 New Zealand increased to 169 percent of gross income in 2024 from 168 percent in 2024. This dataset provides - New Zealand Households Debt To Income- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Households Debt in Argentina increased to 4.70 percent of GDP in the fourth quarter of 2024 from 4.20 percent of GDP in the third quarter of 2024. This dataset provides - Argentina Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

Debt Balance Total in the United States increased to 18.20 USD Trillion in the first quarter of 2025 from 18.04 USD Trillion in the fourth quarter of 2024. This dataset includes a chart with historical data for the United States Debt Balance Total.