American debt spans multiple sectors—households, companies, and all levels of government. In Q2 2024, households carried $17.5 trillion in total debt and mortgage balances of $12.25 trillion, while credit card debt reached $1.122 trillion. Corporate borrowing is also under pressure: debt service costs rose 15% YoY to $450 billion in Q1 2024. The story is completed by federal and state-local finance, where large debt stocks and repayment burdens shape overall financial stability.
Key Takeaways
- 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
- 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: July 2026, 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 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
- 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
US corporate and federal debt are rising fast, with higher interest costs stressing borrowers across the economy.
Related reading
01 · Category
Corporate Debt22 stats
01
Total nonfinancial corporate debt in the US reached $13.46 trillion as of Q2 2024, 51% of GDP
02
Corporate bond market outstanding totals $10.2 trillion in Q2 2024, with investment-grade at $7.8T and high-yield at $1.3T
03
Leveraged loans outstanding hit $1.4 trillion in 2024, with 60% covenant-lite structures increasing risk
04
Corporate debt service costs rose 15% YoY to $450 billion in Q1 2024 due to higher interest rates
05
Zombie firms with interest coverage below 1x represent 10% of public companies, holding $1.1 trillion debt in 2024
06
Buyout loans total $1.37 trillion, 58% of institutional leveraged loan market in mid-2024
07
Corporate net debt to EBITDA ratio averaged 2.1x for S&P 500 firms in Q2 2024, up from 1.8x pre-pandemic
08
Private credit market grew to $1.7 trillion AUM by 2024, funding 20% of middle-market corporate debt
09
Issuance of investment-grade corporate bonds was $1.3 trillion in 2023, projected $1.4T in 2024 despite rates
10
High-yield bond spreads widened to 370 bps over Treasuries in Q3 2024 amid economic uncertainty
11
Total corporate liabilities on balance sheets hit $25.8 trillion Q2 2024, including $13.5T debt and $6.2T pensions
12
Airlines sector corporate debt at $150 billion post-Covid, with leverage 5.5x EBITDA in 2024
13
Tech sector holds 25% of corporate cash reserves at $2.5 trillion offsetting 30% of debt in 2024
14
Corporate credit market $28 trillion total, debt $18.5T incl commercial paper in Q3 2024
15
BBB-rated corporate bonds yield 5.3% avg in Q4 2024, spreads 140 bps over Treasuries
16
Leveraged loan issuance $140 billion Q3 2024, refinancings 70% of volume at SOFR+450bps
17
Corporate bond maturities wall $2.5 trillion 2025-2027, pressuring refinancing costs
18
Interest coverage for nonfin corps falls to 5.2x EBITDA in Q3 2024 from 6.5x 2022
19
Private equity portfolio cos hold $2.8 trillion debt, avg leverage 6.5x in 2024
20
IG corporate ETF inflows $50 billion YTD 2024 amid rate cuts, boosting issuance
21
Energy sector deleverages to 1.8x net debt/EBITDA, lowest since 2014 oil crash
22
CLO issuance hits $130 billion first 9 months 2024, 75% refinancings
Interpretation
Corporate Debt Interpretation
Corporate debt is showing mounting stress in the US as nonfinancial corporate debt hits $13.46 trillion, and debt service costs jumped 15% year over year to $450 billion in Q1 2024, with higher interest rates and riskier structures like 60% covenant-lite leveraged loans putting more strain on this category.
02 · Category
Federal Debt25 stats
01
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
02
The US federal debt held by the public reached $28,210,000,000,000by the end of fiscal year 2024, representing approximately 99% of GDP
03
Intragovernmental holdings of US federal debt amounted to $7,255,265,133,106as of September 2024, primarily consisting of obligations to federal trust funds like Social Security
04
From 2020 to 2024, the US federal debt increased by over $10 trillion due to pandemic-related spending, reaching $35.4 trillion by mid-2024
05
The average annual interest payment on US federal debt in FY2024 is projected at $892 billion, up from $659 billion in FY2023
06
US federal debt as a percentage of GDP was 122.3% at the end of Q2 2024, the highest since World War II
07
Debt held by foreign investors constitutes 22.9% of total US public debt, totaling about $8.1 trillion as of June 2024
08
Japan holds $1.118 trillion in US Treasury securities as of July 2024, making it the largest foreign holder of US federal debt
09
The US Treasury issued $23.9 trillion in marketable debt securities during FY2024 to finance deficits and maturing debt
10
Federal debt subject to the statutory limit was $35.0 trillion as of August 2024 before the debt ceiling suspension
11
Cumulative US federal budget deficits from 2001 to 2024 total $22.3 trillion, contributing significantly to debt accumulation
12
Interest costs on US federal debt are expected to reach 3.1% of GDP in 2024, surpassing defense spending
13
The 10-year Treasury note yield averaged 4.2% in 2024, increasing annual debt servicing costs by $200 billion compared to 2023
14
US federal debt per capita reached $105,757as of mid-2024, based on a population of 335 million
15
Medicare and Social Security trust funds hold 18% of total federal debt in intragovernmental holdings worth $6.5 trillion as of 2024
16
The Federal Reserve holds $4.8 trillion in Treasury securities as of September 2024, about 17% of public debt
17
US federal debt grew by $2.3 trillion in FY2023 alone, driven by $1.7 trillion deficit
18
Maturity profile shows 31% of marketable US federal debt matures within one year as of Q3 2024
19
Average interest rate on US federal debt outstanding is 3.28% as of August 2024
20
CBO projects US federal debt held by the public to rise to 166% of GDP by 2054 under current law
21
As of December 2024 update, US public debt outstanding hits $36.2 trillion, up $734 billion in 3 months
22
Debt-to-GDP ratio climbs to 124% in Q3 2024 projections, per IMF data on US fiscal metrics
23
Foreign official holdings of Treasuries at $8.5 trillion, 24% of public debt in Q3 2024
24
China reduces holdings to $768 billion in US Treasuries as of August 2024, down 40% from peak
25
FY2025 deficit projected at $1.9 trillion, adding to federal debt amid 2.5% GDP growth
Interpretation
Federal Debt Interpretation
As of September 2024, total federal gross debt reached about $35.47 trillion and federal debt held by the public climbed to roughly $28.21 trillion near the end of fiscal year 2024, with debt interest projected to rise to $892 billion in FY2024, highlighting how U.S. federal debt is not only growing but also rapidly increasing its annual cost.
03 · Category
Household Debt19 stats
01
US households carried $17.5 trillion in total debt as of Q2 2024, with mortgages comprising 70% at $12.25 trillion
02
Household debt service payments as a percentage of disposable personal income stood at 9.95% in Q2 2024, the lowest since 2000
03
Mortgage debt balances increased by 0.8% to $12.25 trillion in Q2 2024, driven by home price appreciation
04
Credit card debt surged to $1.122 trillion in Q2 2024, up 9.5% year-over-year, the highest growth since 2021
05
Auto loan debt totaled $1.619 trillion in Q2 2024, with delinquency rates at 2.74% for loans 90+ days past due
06
Student loan debt balances remained at $1.61 trillion in Q2 2024, despite forgiveness programs affecting 5% of borrowers
07
Household debt per capita reached $52,000in 2024 for the 334 million US population
08
Delinquency rate on credit cards hit 3.22% in Q2 2024, highest in 13 years, affecting 8.5 million accounts
09
Total revolving debt grew 5.4% year-over-year to $1.14 trillion by Q3 2024, led by credit cards
10
Non-housing debt reached $5.08 trillion in Q2 2024, including $1.61T student, $1.62T auto, $1.12T credit cards
11
Mortgage delinquency rate dropped to 2.92% in Q1 2024, but seriously delinquent (90+ days) at 1.09%
12
Household mortgage debt delinquency at 3.97% total, but FHA/VA loans at 11.03% in Q3 2024
13
Total household debt rises 0.5% QoQ to $17.7 trillion in Q3 2024, per NY Fed report
14
Credit card balances up 4.5% YoY to $1.18 trillion, with subprime delinquency at 9.1%
15
HELOC balances grow 4.2% to $380 billion in Q3 2024 as equity tapped amid high rates
16
Auto loan originations down 5% YoY but balances at $1.64 trillion with 2.8% delinquency
17
Debt payment-to-income ratio at 11.4% in Q3 2024, highest since 2008 for young borrowers
18
7.4% of credit card accounts 90+ days delinquent in Q3 2024, up from 6.3% prior year
19
Mortgage balances $12.61 trillion, 71% of total household debt in late 2024
Interpretation
Household Debt Interpretation
For the household debt picture, total US household debt of $17.5 trillion is still dominated by mortgages at $12.25 trillion, but credit card debt has surged to $1.122 trillion up 9.5% year over year, signaling rising strain in unsecured borrowing even as overall debt service burden hit 9.95% the lowest since 2000.
More related reading
04 · Category
State Local Debt21 stats
01
Total state and local government debt outstanding is $3.2 trillion as of FY2023, including $1.0T general obligation bonds
02
State government debt per capita averages $6,500in 2024, highest in New York at $18,700 and lowest in Wyoming at $1,200
03
Municipal bond market issuance totaled $465 billion in 2023, projected $500 billion in 2024 for infrastructure
04
Pension liabilities for state and local governments unfunded by $1.5 trillion as of FY2023, 75% funded ratio
05
California holds largest state debt at $558 billion in FY2023, followed by New York at $368 billion
06
Local government debt totals $1.8 trillion, with school districts owing $500 billion for facilities in 2024
07
OPEB unfunded liabilities for state/local reach $630 billion in 2023, averaging 25% funded
08
General fund spending exceeds revenues by 5% on average for states in FY2024, adding to debt via bonds
09
Revenue bonds outstanding $1.2 trillion, 40% of muni market, backed by project revenues not taxes
10
Illinois unfunded pension debt hits $140 billion in 2024, 50% funded ratio worst among states
11
Muni default rate under 0.1% annually, but $3.5 billion distressed debt in 2024 amid high rates
12
GO bond yields averaged 4.1% for 10-year in Q3 2024, up 150 bps from 2022 lows
13
Total state debt service payments $90 billion annually in FY2024, 10% of budgets on average
14
State pension funded ratio avg 76.3% FY2023 end, $1.4T unfunded covering 5.5M retirees
15
Muni GO issuance $180 billion YTD Oct 2024, up 20% YoY for capex projects
16
Texas local debt $250 billion largest, school bonds $50B, toll roads $30B 2024
17
OPEB funded 42% avg, $700B unfunded for healthcare retirees state/local 2023
18
NJ pension debt $130B unfunded, 36% funded worst ratio among states 2024
19
Revenue bond defaults 4 cases $1.2B in 2023, hospitals 50% of distressed volume
20
Debt affordability metric: service <15% revenues for 80% states, but 25% for IL/NJ 2024
21
Water/sewer revenue bonds $90B issued 2024 under infrastructure acts
Interpretation
State Local Debt Interpretation
State and local debt is standing at about $3.2 trillion as of FY2023, and with pension shortfalls of $1.5 trillion and only a 75% funded ratio plus local debt of $1.8 trillion, the biggest risk in this State Local Debt category is the growing pressure from obligations that extend beyond just bonds.
05 · Category
Student Debt26 stats
01
Total US student loan debt outstanding is $1.61 trillion as of Q2 2024, held by 42.2 million borrowers averaging $38,375 each
02
Federal student loans comprise 92% of total student debt at $1.48 trillion, with Direct Loans at $1.37 trillion in 2024
03
Average federal student loan debt per borrower is $38,375as of 2024, with 45% of borrowers having $20,000-$39,999 in debt
04
Student loan delinquency or in forbearance rate is 20.3% as of Q1 2024, affecting 7.75 million borrowers post-pandemic pause
05
Total student debt has grown 327% since 2004, from $493 billion to $1.61 trillion by 2024
06
14.3% of student loan debt or $230 billion is held by borrowers aged 50+, averaging $55,000 per borrower in 2024
07
Parent PLUS loans total $108 billion in 2024, with average balance $22,653, taken for 3.8 million dependent undergrads
08
Default rate on federal student loans within 3 years is 7.5% for 2020 cohort, higher at 12.9% for for-profit college attendees
09
Student debt payment burden is 19.8% of monthly income for bachelor's degree holders under 35 in 2023
10
Forgiveness via Public Service Loan Forgiveness approved $60 billion for 870,000 borrowers by September 2024
11
Private student loans total $125.5 billion in 2024, with average balance $39,498 and default rates up to 17.6%
12
Women hold 58% of total student debt at $929 billion, with Black women owing 20% more than white men on average
13
Graduate student loans average $80,400per borrower, comprising 40% of total debt volume in 2024
14
39% of borrowers owe less than $10,000, but top 10% hold 35% of debt at over $100,000 each in 2024
15
Biden administration forgave $160 billion in student debt for 4.4 million borrowers through 18 programs by 2024
16
Student debt delays homeownership by 7 years on average for millennials with degrees in 2024 surveys
17
Student loans in repayment see 8.2% delinquency rate post-pause in Q4 2024
18
Total student debt stable at $1.62 trillion, but SAVE plan enrolls 8 million reducing payments
19
Average debt for Class of 2024 grads $29,000federal loans, down 4% from prior year
20
Black borrowers hold $220 billion or 14% of debt but 6% of population, avg $53,000 each
21
PSLF forgives $73.7 billion for 1 million borrowers by November 2024
22
44 million Americans with student debt, median balance $19,300, 10th percentile $3,400
23
For-profit college borrowers default at 19% rate vs 4% public four-year in 2024 cohorts
24
Graduate professional debt avg $166,500for medical grads, $130,000 law in 2024
25
Borrower defense discharges $6 billion for 1.6 million since 2015, expanded 2024
26
Community college debt avg $9,200,lowest category, but 30% default within 12 years
Interpretation
Student Debt Interpretation
Student debt has surged to $1.61 trillion for 42.2 million Americans, growing 327% since 2004, and the burden is largely federal with 92% held in federal loans, leaving 20.3% of borrowers in delinquency or forbearance as of Q1 2024.
report visual · Breakdown
How American Debt Is Split: Corporate vs Federal
Debt pressures appear across corporate balance sheets and the federal government, with large shares tied to corporate leverage and a high federal debt-to-GDP burden.
60%
Leveraged loans outstanding hit $1.4 trillion in 2024, with 60% covenant-lite structures increasing risk
40%
China reduces holdings to $768 billion in US Treasuries as of August 2024, down 40% from peak
Reference
Cite This Report
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APA
Min-ji Park. (2026, February 13). American Debt Statistics. Gitnux. https://gitnux.org/american-debt-statistics
MLA
Min-ji Park. "American Debt Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/american-debt-statistics.
Chicago
Min-ji Park. 2026. "American Debt Statistics." Gitnux. https://gitnux.org/american-debt-statistics.
Sources & references
47 datasets cited across this report · attribution is report-level