Brace yourself for a staggering fact: by the time you finish reading this sentence, America's national debt will have grown by another million dollars, propelling a collective financial burden—spanning federal, household, and corporate balance sheets—that now eclipses $36 trillion and shapes everything from your monthly payments to the nation's economic future.
Key Takeaways
- As of September 30, 2024, the total gross federal debt of the United States stands at $35,465,265,133,106.11, comprising debt held by the public and intragovernmental holdings
- The US federal debt held by the public reached $28,210,000,000,000 by the end of fiscal year 2024, representing approximately 99% of GDP
- Intragovernmental holdings of US federal debt amounted to $7,255,265,133,106 as of September 2024, primarily consisting of obligations to federal trust funds like Social Security
- US households carried $17.5 trillion in total debt as of Q2 2024, with mortgages comprising 70% at $12.25 trillion
- Household debt service payments as a percentage of disposable personal income stood at 9.95% in Q2 2024, the lowest since 2000
- Mortgage debt balances increased by 0.8% to $12.25 trillion in Q2 2024, driven by home price appreciation
- Total US student loan debt outstanding is $1.61 trillion as of Q2 2024, held by 42.2 million borrowers averaging $38,375 each
- Federal student loans comprise 92% of total student debt at $1.48 trillion, with Direct Loans at $1.37 trillion in 2024
- Average federal student loan debt per borrower is $38,375 as of 2024, with 45% of borrowers having $20,000-$39,999 in debt
- Total nonfinancial corporate debt in the US reached $13.46 trillion as of Q2 2024, 51% of GDP
- Corporate bond market outstanding totals $10.2 trillion in Q2 2024, with investment-grade at $7.8T and high-yield at $1.3T
- Leveraged loans outstanding hit $1.4 trillion in 2024, with 60% covenant-lite structures increasing risk
- Total state and local government debt outstanding is $3.2 trillion as of FY2023, including $1.0T general obligation bonds
- State government debt per capita averages $6,500 in 2024, highest in New York at $18,700 and lowest in Wyoming at $1,200
- Municipal bond market issuance totaled $465 billion in 2023, projected $500 billion in 2024 for infrastructure
U.S. debt is massive, affecting households, corporations, and the entire nation's future.
Corporate Debt
1Total nonfinancial corporate debt in the US reached $13.46 trillion as of Q2 2024, 51% of GDP
Verified2Corporate bond market outstanding totals $10.2 trillion in Q2 2024, with investment-grade at $7.8T and high-yield at $1.3T
Verified3Leveraged loans outstanding hit $1.4 trillion in 2024, with 60% covenant-lite structures increasing risk
Verified4Corporate debt service costs rose 15% YoY to $450 billion in Q1 2024 due to higher interest rates
Directional5Zombie firms with interest coverage below 1x represent 10% of public companies, holding $1.1 trillion debt in 2024
Single source6Buyout loans total $1.37 trillion, 58% of institutional leveraged loan market in mid-2024
Verified7Corporate net debt to EBITDA ratio averaged 2.1x for S&P 500 firms in Q2 2024, up from 1.8x pre-pandemic
Verified8Private credit market grew to $1.7 trillion AUM by 2024, funding 20% of middle-market corporate debt
Verified9Issuance of investment-grade corporate bonds was $1.3 trillion in 2023, projected $1.4T in 2024 despite rates
Directional10High-yield bond spreads widened to 370 bps over Treasuries in Q3 2024 amid economic uncertainty
Single source11Total corporate liabilities on balance sheets hit $25.8 trillion Q2 2024, including $13.5T debt and $6.2T pensions
Verified12Airlines sector corporate debt at $150 billion post-Covid, with leverage 5.5x EBITDA in 2024
Verified13Tech sector holds 25% of corporate cash reserves at $2.5 trillion offsetting 30% of debt in 2024
Verified14Corporate credit market $28 trillion total, debt $18.5T incl commercial paper in Q3 2024
Directional15BBB-rated corporate bonds yield 5.3% avg in Q4 2024, spreads 140 bps over Treasuries
Single source16Leveraged loan issuance $140 billion Q3 2024, refinancings 70% of volume at SOFR+450bps
Verified17Corporate bond maturities wall $2.5 trillion 2025-2027, pressuring refinancing costs
Verified18Interest coverage for nonfin corps falls to 5.2x EBITDA in Q3 2024 from 6.5x 2022
Verified19Private equity portfolio cos hold $2.8 trillion debt, avg leverage 6.5x in 2024
Directional20IG corporate ETF inflows $50 billion YTD 2024 amid rate cuts, boosting issuance
Single source21Energy sector deleverages to 1.8x net debt/EBITDA, lowest since 2014 oil crash
Verified22CLO issuance hits $130 billion first 9 months 2024, 75% refinancings
VerifiedCorporate Debt Interpretation
America's corporate engine is now running on a concerning blend of high-octane debt, risky covenant-lite fuel, and a growing number of zombie passengers, all while heading toward a towering wall of refinancing at much higher interest rates.
Federal Debt
1As of September 30, 2024, the total gross federal debt of the United States stands at $35,465,265,133,106.11, comprising debt held by the public and intragovernmental holdings
Verified2The US federal debt held by the public reached $28,210,000,000,000 by the end of fiscal year 2024, representing approximately 99% of GDP
Verified3Intragovernmental holdings of US federal debt amounted to $7,255,265,133,106 as of September 2024, primarily consisting of obligations to federal trust funds like Social Security
Verified4From 2020 to 2024, the US federal debt increased by over $10 trillion due to pandemic-related spending, reaching $35.4 trillion by mid-2024
Directional5The average annual interest payment on US federal debt in FY2024 is projected at $892 billion, up from $659 billion in FY2023
Single source6US federal debt as a percentage of GDP was 122.3% at the end of Q2 2024, the highest since World War II
Verified7Debt held by foreign investors constitutes 22.9% of total US public debt, totaling about $8.1 trillion as of June 2024
Verified8Japan holds $1.118 trillion in US Treasury securities as of July 2024, making it the largest foreign holder of US federal debt
Verified9The US Treasury issued $23.9 trillion in marketable debt securities during FY2024 to finance deficits and maturing debt
Directional10Federal debt subject to the statutory limit was $35.0 trillion as of August 2024 before the debt ceiling suspension
Single source11Cumulative US federal budget deficits from 2001 to 2024 total $22.3 trillion, contributing significantly to debt accumulation
Verified12Interest costs on US federal debt are expected to reach 3.1% of GDP in 2024, surpassing defense spending
Verified13The 10-year Treasury note yield averaged 4.2% in 2024, increasing annual debt servicing costs by $200 billion compared to 2023
Verified14US federal debt per capita reached $105,757 as of mid-2024, based on a population of 335 million
Directional15Medicare and Social Security trust funds hold 18% of total federal debt in intragovernmental holdings worth $6.5 trillion as of 2024
Single source16The Federal Reserve holds $4.8 trillion in Treasury securities as of September 2024, about 17% of public debt
Verified17US federal debt grew by $2.3 trillion in FY2023 alone, driven by $1.7 trillion deficit
Verified18Maturity profile shows 31% of marketable US federal debt matures within one year as of Q3 2024
Verified19Average interest rate on US federal debt outstanding is 3.28% as of August 2024
Directional20CBO projects US federal debt held by the public to rise to 166% of GDP by 2054 under current law
Single source21As of December 2024 update, US public debt outstanding hits $36.2 trillion, up $734 billion in 3 months
Verified22Debt-to-GDP ratio climbs to 124% in Q3 2024 projections, per IMF data on US fiscal metrics
Verified23Foreign official holdings of Treasuries at $8.5 trillion, 24% of public debt in Q3 2024
Verified24China reduces holdings to $768 billion in US Treasuries as of August 2024, down 40% from peak
Directional25FY2025 deficit projected at $1.9 trillion, adding to federal debt amid 2.5% GDP growth
Single sourceFederal Debt Interpretation
With a national credit card balance now flirting with $36 trillion and each citizen's share surpassing $105,000, we've essentially mortgaged tomorrow to pay for today, all while the interest payments alone are now throwing a bigger annual party than the Pentagon.
Household Debt
1US households carried $17.5 trillion in total debt as of Q2 2024, with mortgages comprising 70% at $12.25 trillion
Verified2Household debt service payments as a percentage of disposable personal income stood at 9.95% in Q2 2024, the lowest since 2000
Verified3Mortgage debt balances increased by 0.8% to $12.25 trillion in Q2 2024, driven by home price appreciation
Verified4Credit card debt surged to $1.122 trillion in Q2 2024, up 9.5% year-over-year, the highest growth since 2021
Directional5Auto loan debt totaled $1.619 trillion in Q2 2024, with delinquency rates at 2.74% for loans 90+ days past due
Single source6Student loan debt balances remained at $1.61 trillion in Q2 2024, despite forgiveness programs affecting 5% of borrowers
Verified7Household debt per capita reached $52,000 in 2024 for the 334 million US population
Verified8Delinquency rate on credit cards hit 3.22% in Q2 2024, highest in 13 years, affecting 8.5 million accounts
Verified9Total revolving debt grew 5.4% year-over-year to $1.14 trillion by Q3 2024, led by credit cards
Directional10Non-housing debt reached $5.08 trillion in Q2 2024, including $1.61T student, $1.62T auto, $1.12T credit cards
Single source11Mortgage delinquency rate dropped to 2.92% in Q1 2024, but seriously delinquent (90+ days) at 1.09%
Verified12Household mortgage debt delinquency at 3.97% total, but FHA/VA loans at 11.03% in Q3 2024
Verified13Total household debt rises 0.5% QoQ to $17.7 trillion in Q3 2024, per NY Fed report
Verified14Credit card balances up 4.5% YoY to $1.18 trillion, with subprime delinquency at 9.1%
Directional15HELOC balances grow 4.2% to $380 billion in Q3 2024 as equity tapped amid high rates
Single source16Auto loan originations down 5% YoY but balances at $1.64 trillion with 2.8% delinquency
Verified17Debt payment-to-income ratio at 11.4% in Q3 2024, highest since 2008 for young borrowers
Verified187.4% of credit card accounts 90+ days delinquent in Q3 2024, up from 6.3% prior year
Verified19Mortgage balances $12.61 trillion, 71% of total household debt in late 2024
DirectionalHousehold Debt Interpretation
Americans are so preoccupied with their dream homes they've mortgaged, they seem to be funding the American dream on their credit cards, and the bill for that dream is starting to come due with a delinquency ding.
State Local Debt
1Total state and local government debt outstanding is $3.2 trillion as of FY2023, including $1.0T general obligation bonds
Verified2State government debt per capita averages $6,500 in 2024, highest in New York at $18,700 and lowest in Wyoming at $1,200
Verified3Municipal bond market issuance totaled $465 billion in 2023, projected $500 billion in 2024 for infrastructure
Verified4Pension liabilities for state and local governments unfunded by $1.5 trillion as of FY2023, 75% funded ratio
Directional5California holds largest state debt at $558 billion in FY2023, followed by New York at $368 billion
Single source6Local government debt totals $1.8 trillion, with school districts owing $500 billion for facilities in 2024
Verified7OPEB unfunded liabilities for state/local reach $630 billion in 2023, averaging 25% funded
Verified8General fund spending exceeds revenues by 5% on average for states in FY2024, adding to debt via bonds
Verified9Revenue bonds outstanding $1.2 trillion, 40% of muni market, backed by project revenues not taxes
Directional10Illinois unfunded pension debt hits $140 billion in 2024, 50% funded ratio worst among states
Single source11Muni default rate under 0.1% annually, but $3.5 billion distressed debt in 2024 amid high rates
Verified12GO bond yields averaged 4.1% for 10-year in Q3 2024, up 150 bps from 2022 lows
Verified13Total state debt service payments $90 billion annually in FY2024, 10% of budgets on average
Verified14State pension funded ratio avg 76.3% FY2023 end, $1.4T unfunded covering 5.5M retirees
Directional15Muni GO issuance $180 billion YTD Oct 2024, up 20% YoY for capex projects
Single source16Texas local debt $250 billion largest, school bonds $50B, toll roads $30B 2024
Verified17OPEB funded 42% avg, $700B unfunded for healthcare retirees state/local 2023
Verified18NJ pension debt $130B unfunded, 36% funded worst ratio among states 2024
Verified19Revenue bond defaults 4 cases $1.2B in 2023, hospitals 50% of distressed volume
Directional20Debt affordability metric: service <15% revenues for 80% states, but 25% for IL/NJ 2024
Single source21Water/sewer revenue bonds $90B issued 2024 under infrastructure acts
VerifiedState Local Debt Interpretation
America's cities and states are collectively sitting on a debt-laden couch they can't afford to replace, still promising generous pensions they haven't fully funded while hoping future taxpayers don't notice the credit card bill taped to the bottom.
Student Debt
1Total US student loan debt outstanding is $1.61 trillion as of Q2 2024, held by 42.2 million borrowers averaging $38,375 each
Verified2Federal student loans comprise 92% of total student debt at $1.48 trillion, with Direct Loans at $1.37 trillion in 2024
Verified3Average federal student loan debt per borrower is $38,375 as of 2024, with 45% of borrowers having $20,000-$39,999 in debt
Verified4Student loan delinquency or in forbearance rate is 20.3% as of Q1 2024, affecting 7.75 million borrowers post-pandemic pause
Directional5Total student debt has grown 327% since 2004, from $493 billion to $1.61 trillion by 2024
Single source614.3% of student loan debt or $230 billion is held by borrowers aged 50+, averaging $55,000 per borrower in 2024
Verified7Parent PLUS loans total $108 billion in 2024, with average balance $22,653, taken for 3.8 million dependent undergrads
Verified8Default rate on federal student loans within 3 years is 7.5% for 2020 cohort, higher at 12.9% for for-profit college attendees
Verified9Student debt payment burden is 19.8% of monthly income for bachelor's degree holders under 35 in 2023
Directional10Forgiveness via Public Service Loan Forgiveness approved $60 billion for 870,000 borrowers by September 2024
Single source11Private student loans total $125.5 billion in 2024, with average balance $39,498 and default rates up to 17.6%
Verified12Women hold 58% of total student debt at $929 billion, with Black women owing 20% more than white men on average
Verified13Graduate student loans average $80,400 per borrower, comprising 40% of total debt volume in 2024
Verified1439% of borrowers owe less than $10,000, but top 10% hold 35% of debt at over $100,000 each in 2024
Directional15Biden administration forgave $160 billion in student debt for 4.4 million borrowers through 18 programs by 2024
Single source16Student debt delays homeownership by 7 years on average for millennials with degrees in 2024 surveys
Verified17Student loans in repayment see 8.2% delinquency rate post-pause in Q4 2024
Verified18Total student debt stable at $1.62 trillion, but SAVE plan enrolls 8 million reducing payments
Verified19Average debt for Class of 2024 grads $29,000 federal loans, down 4% from prior year
Directional20Black borrowers hold $220 billion or 14% of debt but 6% of population, avg $53,000 each
Single source21PSLF forgives $73.7 billion for 1 million borrowers by November 2024
Verified2244 million Americans with student debt, median balance $19,300, 10th percentile $3,400
Verified23For-profit college borrowers default at 19% rate vs 4% public four-year in 2024 cohorts
Verified24Graduate professional debt avg $166,500 for medical grads, $130,000 law in 2024
Directional25Borrower defense discharges $6 billion for 1.6 million since 2015, expanded 2024
Single source26Community college debt avg $9,200, lowest category, but 30% default within 12 years
VerifiedStudent Debt Interpretation
America’s higher education system has masterfully engineered a trillion-dollar paradox where we borrow from our future to pay for the credentials meant to secure it, leaving millions of graduates, dropouts, and even retirees shackled to a ledger where the principal on their dreams accrues interest faster than their prospects.
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