Picture a nation where nearly 8 in 10 adults are carrying debt, collectively shouldering a staggering $17.80 trillion in household obligations.
Key Takeaways
- As of Q2 2024, total household debt in the US reached $17.80 trillion, marking a 0.5% increase from Q1 2024 and a 4.5% rise year-over-year
- In Q1 2024, aggregate consumer credit outstanding grew to $5.09 trillion, up 1.3% from the previous quarter according to G.19 data
- US household debt as a percentage of disposable personal income stood at 98.7% in Q2 2024, down slightly from 99.2% in 2023
- As of Q2 2024, credit card debt balances reached $1.13 trillion, up 9.6% year-over-year and a record high
- Average credit card debt per cardholder was $6,501 in Q1 2024, up 4.7% from 2023
- Total US revolving credit card debt hit $1.211 trillion in July 2024 per G.19
- Total student loan debt outstanding reached $1.61 trillion in Q2 2024, held by 42.5 million borrowers
- Average federal student loan debt per borrower: $38,375 as of Q4 2023
- Total student debt grew to $1.77 trillion including private loans by mid-2024
- Total auto loan debt outstanding was $1.63 trillion in Q2 2024, up 2.4% YoY
- Average new auto loan amount: $39,500 in Q2 2024, up 1.5% YoY
- Total auto loan balances held by 108.2 million borrowers at $1.63T in Q2 2024
- 90+ day mortgage delinquency steady at 0.65% in Q2 2024
- Total mortgage debt balances: $12.52 trillion in Q2 2024, up 0.4% QoQ
- Average mortgage balance: $252,000 per borrower in Q1 2024
American household debt reached a record high in 2024, primarily driven by rising credit card and mortgage balances.
Auto Loans
- Total auto loan debt outstanding was $1.63 trillion in Q2 2024, up 2.4% YoY
- Average new auto loan amount: $39,500 in Q2 2024, up 1.5% YoY
- Total auto loan balances held by 108.2 million borrowers at $1.63T in Q2 2024
- Auto loan delinquency rate 90+ days: 3.22% in Q2 2024, highest since 2011
- Average used auto loan: $25,856 in Q1 2024, with 9.55% APR
- New auto loan APR averaged 7.43% for super prime, 14.61% subprime in Q1 2024
- Auto loan originations: $149B in Q2 2024, down 3% YoY
- 42% of new cars financed with loans averaging 68 months term in 2023
- Total auto debt per borrower: $15,074 average in 2023
- Auto loan balances grew $11B QoQ to $1.63T in Q2 2024
- Subprime auto delinquency: 5.5% in Q2 2024 per Equifax
- Average auto loan payment: $742/month for new cars in 2024
- 85 million Americans have auto loans, totaling $1.6T+ in 2024
- Auto loan term averaged 69.6 months for new in Q1 2024
- Serious delinquency on auto loans up 60% since 2021 to 1.7M accounts
- Millennials hold 37% of auto debt, $600B total in 2023
- Auto loan debt service: 8.5% of income for debtors in 2023
- Used car loan originations: $42.5B/month average 2024
- Auto debt by state: CA highest at $160B in 2023
- Negative equity on auto loans: 27% of balances in Q2 2024
- Average auto debt for Gen Z: $14,000 rising fast in 2024
- Auto loan rates: 8.6% avg new, 14.5% used in Q3 2024
- Total auto loans 90+ delinquent: 80B in balances Q2 2024
- Lease originations up 12% YoY, part of auto market
- Auto debt growth slowed to 2.7% YoY amid high rates 2024
- Avg monthly payment hit $745 for new autos Q2 2024
Auto Loans Interpretation
Americans are now financing their daily commutes with nearly five-figure average loans stretched over six-year terms, as delinquency rates quietly shift into a gear we haven't seen since the last recession, proving that the open road is increasingly paved with monthly payments.
Credit Card Debt
- As of Q2 2024, credit card debt balances reached $1.13 trillion, up 9.6% year-over-year and a record high
- Average credit card debt per cardholder was $6,501 in Q1 2024, up 4.7% from 2023
- Total US revolving credit card debt hit $1.211 trillion in July 2024 per G.19
- 49% of US cardholders carried a balance over $1,000 in 2023, averaging $7,321
- Credit card delinquency rate for balances 90+ days was 3.21% in Q2 2024, highest since 2011
- Average credit utilization rate was 27% in Q2 2024 per TransUnion
- Total credit card accounts: 483 million in 2023, with $1.08T balances
- Credit card debt grew $41 billion in Q2 2024, fastest quarterly rise in 2 years
- 27% of Americans have credit card debt over $10,000 as of 2024 survey
- Average interest rate on credit cards reached 21.59% in Q3 2024
- Credit card balances per borrower: $7,321 average in 2023
- 45 million Americans carry $1,000+ in CC debt, totaling $500B+ in 2023
- Credit card debt as % of total consumer credit: 22% in Q2 2024
- TransUnion reports 5.3% YoY growth in CC balances Q2 2024
- Average CC debt for Gen Z: $2,800 in 2023, up 15% YoY
- 1 in 5 cardholders maxed out cards in 2024, per Equifax
- Credit card originations up 6.2% YoY to 20.1M in Q2 2024
- Serious delinquency (90+) on CC rose to 9.1% annualized in Q2 2024
- Average new CC debt per account: $4,500 in 2023
- 34% of CC debt held by top 20% income earners in 2023
- CC balances increased 11.76% YoY as of Aug 2024 per Fed
- Women hold 32% more CC debt than men on average ($7,179 vs $5,437) in 2023
- CC debt service burden: 12% of disposable income for debtors in 2023
- 62% of CC holders can't pay off monthly, averaging $9,000 debt, 2024 poll
- Total CC debt by millennials: $450B in 2023
- CC delinquency transitions up 50% for subprime in 2024
- Average CC limit: $13,000 but used 80% by 15% of users in 2024
Credit Card Debt Interpretation
The American dream seems to have been generously pre-approved, as we collectively celebrate a record $1.13 trillion in credit card debt with a 21.59% interest-rate party favor, suggesting we're not just buying things we can't afford but financing the optimism with historically high delinquency rates.
Mortgage Debt
- 90+ day mortgage delinquency steady at 0.65% in Q2 2024
- Total mortgage debt balances: $12.52 trillion in Q2 2024, up 0.4% QoQ
- Average mortgage balance: $252,000 per borrower in Q1 2024
- 30-year fixed mortgage rate averaged 6.95% in Q3 2024
- Total home-secured debt including HELOC: $12.9T in Q2 2024
- Mortgage delinquency (30-89 days): 2.98% in Q2 2024
- FHA loan delinquency: 10.62% in Q1 2024
- Average mortgage payment: $2,034/month including escrow in 2024
- 52 million mortgage accounts outstanding totaling $12T+ in 2023
- Mortgage debt grew $87B in Q2 2024
- Jumbo mortgage avg balance: $726K in Q1 2024
- Serious delinquency on mortgages: 0.89% in Q2 2024
- Home equity debt: $380B in HELOCs Q2 2024, up 5.3% YoY
- 65% of US adults have mortgage debt, avg $240K in 2023
- Mortgage rates peaked at 7.79% Oct 2023, now 6.5% avg 2024
- VA loan delinquency: 4.28% in Q1 2024
- Total mortgage originations: $1.66T in 2023, down 35% YoY
- Avg LTV on mortgages: 55% in Q2 2024 per Equifax
- Mortgage debt by millennials: 20% of total, rising fast
- Refinance share of originations: 25% in Q2 2024
- Mortgage payment shock from rate hikes: +$300/month avg 2023-2024
- Prime jumbo delinquency: 0.25%, subprime 3.5% in 2024
- Total mortgages in forbearance: 115K, 0.25% of serv portfolio Q2 2024
- Avg mortgage balance by state: HI $511K, DC $481K in 2023
- HELOC balances +$17B QoQ to $380B Q2 2024
Mortgage Debt Interpretation
While the foundation of the American housing market appears robust with historically low serious delinquencies and manageable overall debt growth, the cracks are beginning to show in the form of significant payment shock, soaring FHA defaults, and a worrying reliance on rising home equity debt, suggesting that beneath the calm surface, many households are paddling furiously just to stay afloat.
Student Loan Debt
- Total student loan debt outstanding reached $1.61 trillion in Q2 2024, held by 42.5 million borrowers
- Average federal student loan debt per borrower: $38,375 as of Q4 2023
- Total student debt grew to $1.77 trillion including private loans by mid-2024
- 43 million Americans have student debt, averaging $37,127 per borrower in 2024
- Student loan delinquency rate (90+ days) was 7.02% in Q2 2024
- 14.4% of student loan balances transitioned to serious delinquency in Q1 2024
- Average student debt for bachelor's degree holders: $37,500 in 2023
- Total grad student debt: $927 billion, averaging $74,750 per borrower in 2023
- 1 in 4 student loan borrowers behind or in default as of 2024
- Student debt per capita for ages 20-29: $13,800 in 2023
- Federal student loans: $1.56T of total, with 5.05% default rate on entered repayment
- Average monthly student loan payment: $524 for 2023 grads
- Black borrowers hold $195B in student debt, 8% of total but 13% higher default
- Student debt balances stable QoQ at $1.61T in Q2 2024 per NY Fed
- 39% of borrowers owe under $10K, but 7% owe over $100K in 2023
- Parent PLUS loans: $112B total, averaging $25,000 per loan in 2023
- Student loan debt grew 3% YoY to $1.61T despite forgiveness
- Avg debt at graduation: $29,800 for 2023 class, up 2.7% YoY
- 18% of student debt held by 30-39 age group, $300B total
- Delinquency on student loans: 21.8% for private loans in 2023
- Total SLM Corp student loans: $5.3B managed, part of market
- Student debt-to-income for recent grads: 12% average in 2024
- Forgiveness programs paused, 8M borrowers affected, $400B+ debt
- Avg debt by major: Nursing $40K, Arts $27K in 2023
- Student loan balances +$12B QoQ in Q2 2024
- 45% of households headed by 25-34 yo have student debt, avg $42K
Student Loan Debt Interpretation
America’s higher education system has perfected a kind of alchemy, transforming the dream of a degree into a trillion-dollar anchor of anxiety for millions, proving that the most valuable lesson learned is often how to survive the bill.
Total Household Debt
- As of Q2 2024, total household debt in the US reached $17.80 trillion, marking a 0.5% increase from Q1 2024 and a 4.5% rise year-over-year
- In Q1 2024, aggregate consumer credit outstanding grew to $5.09 trillion, up 1.3% from the previous quarter according to G.19 data
- US household debt as a percentage of disposable personal income stood at 98.7% in Q2 2024, down slightly from 99.2% in 2023
- Total non-housing consumer debt hit $5.28 trillion in Q2 2024, comprising credit cards, auto, student, and other loans
- By end of 2023, total US consumer debt balances were $17.5 trillion, with mortgages dominating at 72%
- Household debt service payments as a percentage of disposable income averaged 9.65% in Q2 2024, stable from prior periods
- In 2023, the average household debt balance per person with debt was $104,215, up 5% from 2022
- Total US household debt grew by $145 billion in Q2 2024 alone, driven by mortgages and credit cards
- As of 2024, 78% of US adults carry some form of debt, averaging over $90,000 per household
- Federal Reserve data shows total revolving consumer credit at $1.34 trillion in July 2024, part of broader debt
- In Q4 2023, total debt held by US households reached $17.5 trillion, with a debt-to-GDP ratio of 75%
- Average American household debt excluding mortgage was $47,554 as of 2023
- Total consumer debt per capita in the US was approximately $52,000 in 2023
- Household debt balance increased 3.2% YoY to $17.8T in Q2 2024, per NY Fed Quarterly Report
- Non-mortgage consumer debt totaled $5.28 trillion in Q2 2024, up from $5.11T in Q2 2023
- US total debt service ratio for households was 9.58% in Q1 2024
- In 2022 SCF, median household debt was $148,000 including home-secured
- Total household indebtedness rate was 74.9% in 2023 per credit bureau data
- Aggregate US consumer loans and leases outstanding: $3.52 trillion in Q2 2024
- Household debt grew $212 billion in Q1 2024 to $17.65 trillion
- Average total debt for Americans over 18 was $61,878 in 2023
- Total US debt balances rose 1% QoQ in Q2 2024 per TransUnion
- Household debt-to-income ratio averaged 36% in 2023
- Total debt in forbearance dropped to 1.5% of balances in 2024
- US households with debt: 272 million accounts totaling $17T+ in 2023
- Total consumer debt increased 4.8% YoY as of mid-2024
- Per NY Fed, total debt balances +$317B YoY in Q2 2024
- Average household debt load: $103,358 in 2023 excluding mortgages
- Total household liabilities per SCF 2022: $148,000 median
- Consumer debt outstanding excluding student/auto/CC: $122B in Q2 2024
Total Household Debt Interpretation
The numbers paint a sobering, relentlessly cheerful portrait: America is meticulously building a mountain of debt, brick by expensive brick, while whistling past the graveyard of disposable income.
Sources & References
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