Debt Balance Auto Loans in the United States decreased to 1.64 Trillion USD in the first quarter of 2025 from 1.66 Trillion USD in the fourth quarter of 2024. This dataset includes a chart with historical data for the United States Debt Balance Auto Loans.

In early 2024, Texas was one of the U.S. states with the highest debt balances from car loans. The car loan debt balance per capita in the United States as a whole was ****** U.S. dollars. That figure is the result of dividing the total debt balance for that type of loan by the number of people living in the U.S., even those who do not have any car loan debt at all. That means that this figure is not representative of the amount of debt that an individual with a car loan has. In fact, the average car loan debt of people with some debt of that type in the U.S. is significantly higher.

The automotive loan balances in the United States were higher in the first quarter of 2025 than a year earlier. During the past years, the value of outstanding car loans have been increasing steadily with only a few exceptions, such as a slight decline from the first to the second quarter of 2020 due to the start of the COVID-19 pandemic.

Graph and download economic data for Motor Vehicle Loans Owned and Securitized (DISCONTINUED) (MVLOAS) from Q1 1943 to Q4 2024 about securitized, owned, vehicles, loans, and USA.

In 2024, outstanding auto loan debt in the United States reached a value of **** trillion U.S. dollars. The overall value of car loan debt in 2019 amounted to **** trillion U.S. dollars, showing an increase of approximately *** billion U.S. dollars in five years.

In 2023, the average auto loan debt in the United States was approximately 1,180 U.S. dollars higher than in the previous year. Overall, car loan debt of the average adult in the United States amounted to 23,792 U.S. dollars. The average size of car loans has increased every year since 2019.

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

In 2023, outstanding auto loan debt in the United States reached a value of 1.51 trillion U.S. dollars. The overall value of car loan debt in 2019 amounted to 1.21 trillion U.S. dollars, showing an increase of approximately 300 billion U.S. dollars in three years.

In 2023, the generation X was the age group with the highest amount of auto loan debt in the United States. That group had on average a car loan debt of roughly 27,100 U.S. dollars. Meanwhile, the silent generation had the lowest amount of auto loan debt, amounting to approximately 16,050 U.S. dollars.

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 Loans: Other Consumer Loans: Automobile Loans, All Commercial Banks (CARACBW027SBOG) from 2015-01-07 to 2025-07-02 about vehicles, loans, consumer, banks, depository institutions, and USA.

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Debt Settlement Market Size 2024-2028

The debt settlement market size is forecast to increase by USD 5.07 billion at a CAGR of 10.3% between 2023 and 2028.

The market is experiencing significant growth due to the increasing trend of consumers seeking relief from mounting credit card debts. One-time debt settlement has gained popularity as an effective solution for individuals looking to reduce their outstanding debt balances. However, the time-consuming nature of negotiations between debtors and creditors poses a challenge for market expansion. Despite this, the market's strategic landscape remains favorable for companies offering debt settlement services. Key drivers include the rising number of consumers struggling with debt, increasing awareness of debt settlement as a viable debt relief option, and the growing preference for affordable and flexible debt repayment plans.
Companies seeking to capitalize on market opportunities should focus on streamlining the negotiation process, leveraging technology to enhance customer experience, and building trust and transparency with clients. Effective operational planning and strategic partnerships with creditors can also help companies navigate the challenges of a competitive and complex market.

What will be the Size of the Debt Settlement Market during the forecast period?

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The market encompasses a range of companies offering financial wellness programs to help consumers manage and reduce their debt. These programs include medical Debt collection, consumer debt relief, and financial education resources. Online financial resources and debt management software are increasingly popular, providing consumers with affordable debt solutions and debt negotiation strategies. However, it's crucial for consumers to be aware of debt settlement scams and their settlement success rates. Debt consolidation loans and financial planning tools are also viable options for responsible debt management. Furthermore, financial literacy education and workshops are essential for consumers to understand debt reduction calculators and credit reporting errors.
Consumer financial protection agencies offer financial counseling services and financial planning advice to promote financial wellness strategies and responsible borrowing. Student loan forgiveness programs are also gaining traction in the market. Overall, the market for debt settlement and financial wellness solutions continues to evolve, with a focus on providing accessible and effective debt relief options for consumers.

How is this Debt Settlement Industry segmented?

The debt settlement industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Credit card debt
  Student loan debt
  Medical debt
  Auto loan debt
  Unsecured personal loan debt
  Others


End-user

  Individual
  Enterprise
  Government


Distribution Channel

  Online
  Offline
  Hybrid


Service Type

  Debt Settlement
  Debt Consolidation
  Debt Management Plans
  Credit Counseling


Provider Type

  For-profit Debt Settlement Companies
  Non-profit Credit Counseling Agencies
  Law Firms
  Financial Institutions


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa



  APAC

    China
    India
    Japan
    South Korea


  South America



  Rest of World (ROW)

By Type Insights

The credit card debt segment is estimated to witness significant growth during the forecast period.

The market experiences significant activity due to the escalating credit card debt among consumers. In India, for instance, the rising financial hardships faced by borrowers are evident in the increasing credit card defaults. The latest data indicates that credit card defaults in India reached 1.8% in June 2024, a notable increase from 1.7% six months prior and 1.6% in March 2023. This trend underscores the mounting financial pressures on consumers. The outstanding credit card debt in India mirrors this trend, with approximately USD3.25 billion in outstanding balances as of June 2024, a slight increase from the previous year.

Debt elimination and negotiation strategies, such as debt relief programs and debt consolidation, have become increasingly popular among consumers seeking financial relief. Credit reporting agencies play a crucial role in this process, as they maintain and report consumers' credit histories to lenders. Student loan debt, medical debt, tax debt, and payday loans are other significant contributors to the market. Consumers often turn to debt validation, credit repair, and financial coaching for guidance in managing their debts. Online platforms, mobile apps, and budgeting tools have become

Mortgages made up over ***** 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 **** percent and **** percent of the overall household debt balance respectively. 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 Charge-Off Rate on Consumer Loans, All Commercial Banks (CORCACBS) from Q1 1985 to Q1 2025 about charge-offs, commercial, loans, consumer, banks, depository institutions, rate, and USA.

Credit repair service providers identify errors in credit reporting and dispute inaccurate information with the appropriate organizations to improve credit ratings. The industry's performance often behaves countercyclically to the overall economy. Despite this, revenue fell during COVID-19 as massive government aid pushed up savings. These savings kept consumers financially stable, so demand credit repair services declined in 2020. As economic restrictions were lifted, many households went on a spending spree and ruined their credit, so revenue for the industry rose in 2021. While interest rates have been volatile, they've risen over time as the Federal Reserve has increased borrowing costs to cool the economy. Higher interest rates make it harder for consumers to pay off debt, ruining their credit. This raises demand for the industry's services. Overall, revenue for credit repair service providers is expected to increase at a CAGR of 2.8% during the current period, reaching $6.6 billion in 2023. Revenue is anticipated to rise 2.5% in that year.The industry will grow modestly in the near future, but it will face some challenges. The outlook period will be marked by significant volatility, as determinants of revenue (e.g., consumer spending, interest rates, corporate profit) will shift significantly over this time frame. The Federal Reserve will continue to raise interest rates to bring the inflation rate down to 2.0%. Since the cost of borrowing will continue to increase, the industry will benefit. Economic growth will be strong, making individuals more credit-worthy and reducing demand for credit repair services. Individuals will be more able to repair their credit on their own as online resources get more comprehensive. Overall, revenue for credit repair service providers is forecast to cincrease at a CAGR of 1.0% during the outlook period, reaching $7.0 billion in 2028. Profit is expected to comprise 10.1% of revenue in that year.

The average monthly payment for new car financing in the United States was on average *** U.S. dollars higher than for used cars in the second quarter of 2025. Meanwhile, the down payment for new automobiles was several thousand U.S. dollars higher than for used ones. In the second quarter of 2025, the average amount financed for the purchase of a new car amounted to ****** U.S. dollars on average. The average maturity of new car loans at finance companies was ** months in early 2024.

The table shows the level of bank credit to the private sector around the world, i.e. the total value of debt outstanding at a point in time. The first column of numbers presents the amount in local currency. The second column shows the percent change in that amount from three months ago and the last column shows the percent change since the same month last year. All amounts are in nominal terms. Note that total private credit consists of business credit and household credit which, in turn, has two components: mortgage credit that finances the acquisition of real estate and consumer credit that includes credit cards, auto loans, personal lines of credit, student loans, and other types of personal credit. Bank credit is by far the main source of financing for the business sector in almost all countries. Two notable exceptions are the U.S. and the UK where companies can also tap the well developed stock and bond markets to finance projects. In the rest of the world, bank credit is the main source of firm financing.

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Personal Loans Market Size 2025-2029

The personal loans market size is forecast to increase by USD 803.4 billion, at a CAGR of 15.2% between 2024 and 2029.

The market is witnessing significant advancements, driven by the increasing adoption of technology in loan processing. Innovations such as artificial intelligence and machine learning are streamlining application processes, enhancing underwriting capabilities, and improving customer experiences. Moreover, the shift towards cloud-based personal loan servicing software is gaining momentum, offering flexibility, scalability, and cost savings for lenders. However, the market is not without challenges. Compliance and regulatory hurdles pose significant obstacles, with stringent regulations governing data privacy, consumer protection, and fair lending practices. Lenders must invest in robust compliance frameworks and stay updated with regulatory changes to mitigate risks and maintain a competitive edge.
Additionally, managing the increasing volume and complexity of loan applications while ensuring accuracy and efficiency remains a pressing concern. Addressing these challenges through technological innovations and strategic partnerships will be crucial for companies seeking to capitalize on the market's growth potential and navigate the competitive landscape effectively.

What will be the Size of the Personal Loans Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The market continues to evolve, driven by advancements in technology and shifting consumer preferences. Digital lending platforms enable online applications, automated underwriting, and instant loan disbursement. APIs integrate various financial planning tools, such as FICO score analysis and retirement planning, ensuring a comprehensive borrowing experience. Unsecured loans, including personal installment loans and lines of credit, dominate the market. Credit history, interest rates, and borrower eligibility are critical factors in determining loan terms. Predictive modeling and machine learning algorithms enhance risk assessment and fraud detection. Consumer protection remains a priority, with regulations addressing identity theft and fintech literacy.

Credit utilization and debt management are essential components of loan origination and debt consolidation. Repayment schedules and debt management plans help borrowers navigate their financial obligations. Market dynamics extend to sectors like student loans, auto loans, and mortgage loans. Loan servicing, collection agencies, and loan application processes ensure efficient loan administration. Open banking and data analytics facilitate seamless financial transactions and improve loan approval processes. Small business loans and secured loans also contribute to the market's growth. Continuous innovation in digital lending, credit scoring, and loan origination shapes the future of the market.

How is this Personal Loans Industry segmented?

The personal loans industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Short term loans
  Medium term loans
  Long term loans


Type

  P2P marketplace lending
  Balance sheet lending


Channel

  Banks
  Credit union
  Online lenders


Purpose

  Debt Consolidation
  Home Improvement
  Medical Expenses
  Education


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Application Insights

The short term loans segment is estimated to witness significant growth during the forecast period.

Personal loans continue to gain traction in the US market, driven by the convenience of online applications and the increasing adoption of digital lending. Unsecured loans, such as personal installment loans and lines of credit, allow borrowers to access funds quickly for various personal expenses, including debt consolidation and unexpected expenses. Short-term loans, including payday loans and auto title loans, provide immediate financial relief with quick approval and flexible repayment schedules. Predictive modeling and machine learning enable automated underwriting, streamlining the loan origination process and improving borrower eligibility assessment. Credit scoring, FICO scores, and debt-to-income ratios (DTIs) are essential components of the credit evaluation process, ensuring responsible lending practices.

Digital lending platforms offer customer service through various channels, including mobile banking and open banking, enhancing the borrower

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.

Peer-to-peer (P2P) lenders' revenue has remained stagnant but climbed slightly at a CAGR of 0.0% to $1.7 billion over the five years to 2024, including an expected increase of 3.2% in 2024 alone. Pioneered and introduced in the United Kingdom in 2005, P2P lending platforms facilitate loans from individual investors that pool their money via operators' online platforms to loan money to consumers and small businesses. The industry's competitive advantage lies in its proprietary credit evaluation algorithms, which go beyond FICO credit scores used by traditional lending institutions. Companies in the industry have struggled to create formulas that accurately portray the level of risk certain loans represent, leading to higher-than-desired loan default rates initially. On average, major P2P platforms have prospered, with the largest player in the industry, LendingClub Corporation, turning a profit for the first time in 2013. However, the pandemic and the subsequent economic slowdown resulted in falling consumer confidence in 2020. This drop in consumer confidence affected overall revenue growth over the past five years. Following the pandemic and elevated interest rates, operators earned higher interest fees, which increased revenue in the current period. However, in 2024 interest rates were cut which will reduce interest fees for the industry. Peer-to-peer lenders' revenue is expected to lag at a CAGR of 0.2% to $1.7 billion over the five years to 2029. In the same year, profit is projected to remain negative and account for negative 0.5%. Small businesses will likely be less willing to consider P2P lenders than commercial banks and other traditional loan sources as the prime rate decreases in the outlook period. One of the key advantages of P2P lending platforms is their ability to offer lower interest rates to borrowers because they cut out many of the financial intermediaries typically involved with lending.