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
1Total auto loan debt outstanding was $1.63 trillion in Q2 2024, up 2.4% YoY
Verified2Average new auto loan amount: $39,500 in Q2 2024, up 1.5% YoY
Verified3Total auto loan balances held by 108.2 million borrowers at $1.63T in Q2 2024
Verified4Auto loan delinquency rate 90+ days: 3.22% in Q2 2024, highest since 2011
Directional5Average used auto loan: $25,856 in Q1 2024, with 9.55% APR
Single source6New auto loan APR averaged 7.43% for super prime, 14.61% subprime in Q1 2024
Verified7Auto loan originations: $149B in Q2 2024, down 3% YoY
Verified842% of new cars financed with loans averaging 68 months term in 2023
Verified9Total auto debt per borrower: $15,074 average in 2023
Directional10Auto loan balances grew $11B QoQ to $1.63T in Q2 2024
Single source11Subprime auto delinquency: 5.5% in Q2 2024 per Equifax
Verified12Average auto loan payment: $742/month for new cars in 2024
Verified1385 million Americans have auto loans, totaling $1.6T+ in 2024
Verified14Auto loan term averaged 69.6 months for new in Q1 2024
Directional15Serious delinquency on auto loans up 60% since 2021 to 1.7M accounts
Single source16Millennials hold 37% of auto debt, $600B total in 2023
Verified17Auto loan debt service: 8.5% of income for debtors in 2023
Verified18Used car loan originations: $42.5B/month average 2024
Verified19Auto debt by state: CA highest at $160B in 2023
Directional20Negative equity on auto loans: 27% of balances in Q2 2024
Single source21Average auto debt for Gen Z: $14,000 rising fast in 2024
Verified22Auto loan rates: 8.6% avg new, 14.5% used in Q3 2024
Verified23Total auto loans 90+ delinquent: 80B in balances Q2 2024
Verified24Lease originations up 12% YoY, part of auto market
Directional25Auto debt growth slowed to 2.7% YoY amid high rates 2024
Single source26Avg monthly payment hit $745 for new autos Q2 2024
VerifiedAuto 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
1As of Q2 2024, credit card debt balances reached $1.13 trillion, up 9.6% year-over-year and a record high
Verified2Average credit card debt per cardholder was $6,501 in Q1 2024, up 4.7% from 2023
Verified3Total US revolving credit card debt hit $1.211 trillion in July 2024 per G.19
Verified449% of US cardholders carried a balance over $1,000 in 2023, averaging $7,321
Directional5Credit card delinquency rate for balances 90+ days was 3.21% in Q2 2024, highest since 2011
Single source6Average credit utilization rate was 27% in Q2 2024 per TransUnion
Verified7Total credit card accounts: 483 million in 2023, with $1.08T balances
Verified8Credit card debt grew $41 billion in Q2 2024, fastest quarterly rise in 2 years
Verified927% of Americans have credit card debt over $10,000 as of 2024 survey
Directional10Average interest rate on credit cards reached 21.59% in Q3 2024
Single source11Credit card balances per borrower: $7,321 average in 2023
Verified1245 million Americans carry $1,000+ in CC debt, totaling $500B+ in 2023
Verified13Credit card debt as % of total consumer credit: 22% in Q2 2024
Verified14TransUnion reports 5.3% YoY growth in CC balances Q2 2024
Directional15Average CC debt for Gen Z: $2,800 in 2023, up 15% YoY
Single source161 in 5 cardholders maxed out cards in 2024, per Equifax
Verified17Credit card originations up 6.2% YoY to 20.1M in Q2 2024
Verified18Serious delinquency (90+) on CC rose to 9.1% annualized in Q2 2024
Verified19Average new CC debt per account: $4,500 in 2023
Directional2034% of CC debt held by top 20% income earners in 2023
Single source21CC balances increased 11.76% YoY as of Aug 2024 per Fed
Verified22Women hold 32% more CC debt than men on average ($7,179 vs $5,437) in 2023
Verified23CC debt service burden: 12% of disposable income for debtors in 2023
Verified2462% of CC holders can't pay off monthly, averaging $9,000 debt, 2024 poll
Directional25Total CC debt by millennials: $450B in 2023
Single source26CC delinquency transitions up 50% for subprime in 2024
Verified27Average CC limit: $13,000 but used 80% by 15% of users in 2024
VerifiedCredit 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
190+ day mortgage delinquency steady at 0.65% in Q2 2024
Verified2Total mortgage debt balances: $12.52 trillion in Q2 2024, up 0.4% QoQ
Verified3Average mortgage balance: $252,000 per borrower in Q1 2024
Verified430-year fixed mortgage rate averaged 6.95% in Q3 2024
Directional5Total home-secured debt including HELOC: $12.9T in Q2 2024
Single source6Mortgage delinquency (30-89 days): 2.98% in Q2 2024
Verified7FHA loan delinquency: 10.62% in Q1 2024
Verified8Average mortgage payment: $2,034/month including escrow in 2024
Verified952 million mortgage accounts outstanding totaling $12T+ in 2023
Directional10Mortgage debt grew $87B in Q2 2024
Single source11Jumbo mortgage avg balance: $726K in Q1 2024
Verified12Serious delinquency on mortgages: 0.89% in Q2 2024
Verified13Home equity debt: $380B in HELOCs Q2 2024, up 5.3% YoY
Verified1465% of US adults have mortgage debt, avg $240K in 2023
Directional15Mortgage rates peaked at 7.79% Oct 2023, now 6.5% avg 2024
Single source16VA loan delinquency: 4.28% in Q1 2024
Verified17Total mortgage originations: $1.66T in 2023, down 35% YoY
Verified18Avg LTV on mortgages: 55% in Q2 2024 per Equifax
Verified19Mortgage debt by millennials: 20% of total, rising fast
Directional20Refinance share of originations: 25% in Q2 2024
Single source21Mortgage payment shock from rate hikes: +$300/month avg 2023-2024
Verified22Prime jumbo delinquency: 0.25%, subprime 3.5% in 2024
Verified23Total mortgages in forbearance: 115K, 0.25% of serv portfolio Q2 2024
Verified24Avg mortgage balance by state: HI $511K, DC $481K in 2023
Directional25HELOC balances +$17B QoQ to $380B Q2 2024
Single sourceMortgage 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
1Total student loan debt outstanding reached $1.61 trillion in Q2 2024, held by 42.5 million borrowers
Verified2Average federal student loan debt per borrower: $38,375 as of Q4 2023
Verified3Total student debt grew to $1.77 trillion including private loans by mid-2024
Verified443 million Americans have student debt, averaging $37,127 per borrower in 2024
Directional5Student loan delinquency rate (90+ days) was 7.02% in Q2 2024
Single source614.4% of student loan balances transitioned to serious delinquency in Q1 2024
Verified7Average student debt for bachelor's degree holders: $37,500 in 2023
Verified8Total grad student debt: $927 billion, averaging $74,750 per borrower in 2023
Verified91 in 4 student loan borrowers behind or in default as of 2024
Directional10Student debt per capita for ages 20-29: $13,800 in 2023
Single source11Federal student loans: $1.56T of total, with 5.05% default rate on entered repayment
Verified12Average monthly student loan payment: $524 for 2023 grads
Verified13Black borrowers hold $195B in student debt, 8% of total but 13% higher default
Verified14Student debt balances stable QoQ at $1.61T in Q2 2024 per NY Fed
Directional1539% of borrowers owe under $10K, but 7% owe over $100K in 2023
Single source16Parent PLUS loans: $112B total, averaging $25,000 per loan in 2023
Verified17Student loan debt grew 3% YoY to $1.61T despite forgiveness
Verified18Avg debt at graduation: $29,800 for 2023 class, up 2.7% YoY
Verified1918% of student debt held by 30-39 age group, $300B total
Directional20Delinquency on student loans: 21.8% for private loans in 2023
Single source21Total SLM Corp student loans: $5.3B managed, part of market
Verified22Student debt-to-income for recent grads: 12% average in 2024
Verified23Forgiveness programs paused, 8M borrowers affected, $400B+ debt
Verified24Avg debt by major: Nursing $40K, Arts $27K in 2023
Directional25Student loan balances +$12B QoQ in Q2 2024
Single source2645% of households headed by 25-34 yo have student debt, avg $42K
VerifiedStudent 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
1As 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
Verified2In Q1 2024, aggregate consumer credit outstanding grew to $5.09 trillion, up 1.3% from the previous quarter according to G.19 data
Verified3US household debt as a percentage of disposable personal income stood at 98.7% in Q2 2024, down slightly from 99.2% in 2023
Verified4Total non-housing consumer debt hit $5.28 trillion in Q2 2024, comprising credit cards, auto, student, and other loans
Directional5By end of 2023, total US consumer debt balances were $17.5 trillion, with mortgages dominating at 72%
Single source6Household debt service payments as a percentage of disposable income averaged 9.65% in Q2 2024, stable from prior periods
Verified7In 2023, the average household debt balance per person with debt was $104,215, up 5% from 2022
Verified8Total US household debt grew by $145 billion in Q2 2024 alone, driven by mortgages and credit cards
Verified9As of 2024, 78% of US adults carry some form of debt, averaging over $90,000 per household
Directional10Federal Reserve data shows total revolving consumer credit at $1.34 trillion in July 2024, part of broader debt
Single source11In Q4 2023, total debt held by US households reached $17.5 trillion, with a debt-to-GDP ratio of 75%
Verified12Average American household debt excluding mortgage was $47,554 as of 2023
Verified13Total consumer debt per capita in the US was approximately $52,000 in 2023
Verified14Household debt balance increased 3.2% YoY to $17.8T in Q2 2024, per NY Fed Quarterly Report
Directional15Non-mortgage consumer debt totaled $5.28 trillion in Q2 2024, up from $5.11T in Q2 2023
Single source16US total debt service ratio for households was 9.58% in Q1 2024
Verified17In 2022 SCF, median household debt was $148,000 including home-secured
Verified18Total household indebtedness rate was 74.9% in 2023 per credit bureau data
Verified19Aggregate US consumer loans and leases outstanding: $3.52 trillion in Q2 2024
Directional20Household debt grew $212 billion in Q1 2024 to $17.65 trillion
Single source21Average total debt for Americans over 18 was $61,878 in 2023
Verified22Total US debt balances rose 1% QoQ in Q2 2024 per TransUnion
Verified23Household debt-to-income ratio averaged 36% in 2023
Verified24Total debt in forbearance dropped to 1.5% of balances in 2024
Directional25US households with debt: 272 million accounts totaling $17T+ in 2023
Single source26Total consumer debt increased 4.8% YoY as of mid-2024
Verified27Per NY Fed, total debt balances +$317B YoY in Q2 2024
Verified28Average household debt load: $103,358 in 2023 excluding mortgages
Verified29Total household liabilities per SCF 2022: $148,000 median
Directional30Consumer debt outstanding excluding student/auto/CC: $122B in Q2 2024
Single sourceTotal 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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