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.

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

• 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 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.

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 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 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.

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.

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.

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.

Graph and download economic data for Households; Total Liabilities, Level (BOGZ1FL194190005Q) from Q4 1987 to Q4 2024 about liabilities, households, and USA.

Households Debt in Canada increased to 100.39 percent of GDP in the fourth quarter of 2024 from 100.32 percent of GDP in the third quarter of 2024. This dataset provides - Canada Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Households; Debt Securities; Asset, Market Value Levels (BOGZ1LM194022005A) from 1987 to 2023 about market value, debt, securities, assets, households, 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.

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.

United States HH Debt: No. of New Accounts: Within 12 Months data was reported at 217.742 NA mn in Mar 2020. This records an increase from the previous number of 215.908 NA mn for Dec 2019. United States HH Debt: No. of New Accounts: Within 12 Months data is updated quarterly, averaging 213.901 NA mn from Mar 2000 (Median) to Mar 2020, with 81 observations. The data reached an all-time high of 253.650 NA mn in Mar 2006 and a record low of 157.940 NA mn in Sep 2010. United States HH Debt: No. of New Accounts: Within 12 Months 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.

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.

United States HH Debt: Consumer Bankcruptcies data was reported at 188.980 NA th in Mar 2020. This records a decrease from the previous number of 201.820 NA th for Dec 2019. United States HH Debt: Consumer Bankcruptcies data is updated quarterly, averaging 385.460 NA th from Sep 1999 (Median) to Mar 2020, with 83 observations. The data reached an all-time high of 948.620 NA th in Dec 2005 and a record low of 186.120 NA th in Sep 2019. United States HH Debt: Consumer Bankcruptcies 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!

United States HH Debt: Balance: Deliquency data was reported at 100.000 % in Mar 2020. This stayed constant from the previous number of 100.000 % for Dec 2019. United States HH Debt: Balance: Deliquency data is updated quarterly, averaging 100.000 % from Mar 1999 (Median) to Mar 2020, with 85 observations. The data reached an all-time high of 100.010 % in Sep 2017 and a record low of 99.990 % in Jun 2019. United States HH Debt: Balance: Deliquency 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.