As we barrel past $17.9 trillion in household debt, Americans are carrying a record financial burden that is reshaping lives and the economy.
Key Takeaways
- As of Q2 2024, total U.S. household debt stood at $17.94 trillion, marking a 0.5% increase from the previous quarter and the highest level on record.
- In Q1 2024, U.S. household debt service payments as a percentage of disposable personal income averaged 9.95%, down slightly from 10.02% in Q4 2023.
- By the end of 2023, the average household debt per capita in the U.S. reached approximately $59,400, reflecting a 4.2% year-over-year increase.
- Total U.S. student loan debt outstanding reached $1.61 trillion in Q2 2024, held by 42.5 million borrowers.
- Average student loan debt per borrower was $38,290 as of 2024.
- Federal student loans account for 92% of total U.S. student debt, totaling $1.48 trillion in 2024.
- Total U.S. mortgage debt outstanding was $12.44 trillion in Q2 2024.
- Average mortgage balance per borrower reached $252,000 in Q1 2024.
- Mortgage delinquency rate was 3.97% in Q1 2024, up from 3.82% prior year.
- U.S. credit card debt hit $1.13 trillion in Q2 2024, up 9.1% year-over-year.
- Average credit card balance per cardholder was $6,518 in 2024.
- Credit card delinquency rate reached 9.1% (90+ days) in Q1 2024, highest since 2011.
- U.S. national debt stood at $35.0 trillion as of July 2024.
- National debt-to-GDP ratio reached 123% in Q2 2024.
- Interest payments on national debt hit $892 billion in FY 2024.
American household debt is at a historic high and continues to grow steadily.
Credit Card Debt
- U.S. credit card debt hit $1.13 trillion in Q2 2024, up 9.1% year-over-year.
- Average credit card balance per cardholder was $6,518 in 2024.
- Credit card delinquency rate reached 9.1% (90+ days) in Q1 2024, highest since 2011.
- Total credit card balances increased $45 billion in Q1 2024.
- Average APR on credit cards was 21.47% in Q2 2024.
- 49% of U.S. cardholders carry a balance month-to-month in 2024.
- Credit card debt payments consumed 12.3% of disposable income for revolvers in 2023.
- Gen Z credit card debt averaged $3,456 per borrower in 2023.
- Total credit card limits rose to $5.18 trillion in Q1 2024.
- Credit card charge-off rate was 4.5% in Q1 2024.
- 27% of Americans have over $10,000 in credit card debt in 2024.
- Credit card spending surged 7.2% year-over-year in 2023.
- Average number of credit cards per person is 3.84 in 2024.
- Credit card debt for low-income households rose 15% in 2023.
- Utilization rate on credit cards averaged 49% in Q1 2024 for subprime.
- Total new credit card accounts opened fell 10% in 2023.
- Credit card interest payments totaled $130 billion annually in 2023.
- 44 million Americans maxed out a credit card in past year per 2024 survey.
- Credit card debt grew fastest among 40-49 age group at 12% in 2023.
- Average credit card payoff time is 24 months for new debt.
- Credit card balances for millennials hit $500 billion in 2023.
- Serious delinquency on credit cards rose to 11.3% for 18-29 year olds in Q1 2024.
Credit Card Debt Interpretation
The American dream is increasingly being financed at a 21.5% APR, and we're all collectively swiping our way toward a sobering reality check where nearly half of us are actively paying for yesterday's optimism with tomorrow's income.
Mortgage Debt
- Total U.S. mortgage debt outstanding was $12.44 trillion in Q2 2024.
- Average mortgage balance per borrower reached $252,000 in Q1 2024.
- Mortgage delinquency rate was 3.97% in Q1 2024, up from 3.82% prior year.
- U.S. home equity reached $33.4 trillion in Q2 2024, with tappable equity at $11 trillion.
- 30-year fixed mortgage rates averaged 6.95% in 2023, up from 3.1% in 2021.
- Total mortgage originations fell 44% in 2023 to $1.68 trillion.
- FHA mortgages total $2.1 trillion, with delinquency at 10.6% in Q1 2024.
- Jumbo mortgage debt grew 8% year-over-year to $1.2 trillion in 2023.
- Mortgage debt service payments rose to 4.5% of disposable income in Q1 2024.
- 72% of U.S. homeowners have mortgages, with average term now 25 years remaining.
- Serious mortgage delinquency (90+ days) was 0.74% in Q1 2024.
- Homeowner mortgage debt per household averaged $220,000 in 2023.
- Adjustable-rate mortgages comprised 7.2% of new originations in Q1 2024.
- Total mortgage debt increased by $86 billion in Q2 2024.
- Negative equity affected 1.1% of mortgaged properties in Q1 2024.
- Average mortgage payment hit $2,264 monthly in 2024 due to rates.
- VA mortgages totaled $1.1 trillion with 3.9% delinquency in 2023.
- Refinance share of mortgage apps dropped to 0.3% in 2023.
- Mortgage debt for millennials reached $2.7 trillion in 2023.
- Foreclosure starts on mortgages were 0.14% in Q1 2024.
- Total mortgage balances grew 4.1% year-over-year in Q1 2024.
Mortgage Debt Interpretation
Despite homeowners sitting on a colossal $33 trillion in equity, the American dream's price tag has surged with rates near 7%, leaving a worrisome 4% delinquency rate to hint that not everyone is comfortably along for the ride.
National Debt
- U.S. national debt stood at $35.0 trillion as of July 2024.
- National debt-to-GDP ratio reached 123% in Q2 2024.
- Interest payments on national debt hit $892 billion in FY 2024.
- Publicly held debt was $28.2 trillion in June 2024.
- National debt increased by $2.4 trillion in FY 2023.
- Debt held by the public grew 8.3% year-over-year to $27.7 trillion in 2023.
- 31% of national debt is held by foreign investors, totaling $8.0 trillion in 2024.
- Intragovernmental debt stood at $7.0 trillion in Q2 2024.
- CBO projects national debt to hit $48 trillion by 2033.
- Federal debt service costs rose 30% to $659 billion in FY 2023.
- Japan holds $1.1 trillion of U.S. debt, the largest foreign holder in 2024.
- National debt per capita is $104,000 as of 2024.
- Debt as share of GDP projected to reach 166% by 2053.
- Treasury issued $23.5 trillion in debt securities in FY 2023.
- Federal Reserve holds 13% of publicly held debt at $5.2 trillion in 2024.
- Average interest rate on national debt was 3.28% in FY 2024.
- National debt grew $7.8 trillion during Biden administration through 2024.
- Social Security Trust Fund holds $2.8 trillion in Treasury securities.
- Debt limit suspended until Jan 2025, after hitting $31.4 trillion in 2023.
- Annual deficit added $1.7 trillion to debt in FY 2023.
- Medicare Trust Fund debt holdings: $300 billion intragovernmental.
- National debt interest projected to exceed defense spending by 2025.
- China holds $768 billion in U.S. Treasury debt as of March 2024.
- Gross national debt increased 26% from $28 trillion in 2021 to $35 trillion in 2024.
- Maturity of Treasury debt averages 70 months in 2024.
National Debt Interpretation
We've somehow engineered a future where we'll be paying more to our creditors for our past than we'll be spending on our military for our future, and every American, including newborns, already owes a six-figure tab for the party.
Student Loan Debt
- Total U.S. student loan debt outstanding reached $1.61 trillion in Q2 2024, held by 42.5 million borrowers.
- Average student loan debt per borrower was $38,290 as of 2024.
- Federal student loans account for 92% of total U.S. student debt, totaling $1.48 trillion in 2024.
- Student loan delinquency rate was 7.4% in Q1 2024, excluding those in deferment.
- From 2007 to 2024, U.S. student debt tripled from $500 billion to $1.61 trillion.
- 45 million Americans have student loan debt, with total balance up 5.8% year-over-year in 2023.
- Women hold 57% of total U.S. student loan debt, averaging $31,680 per borrower in 2023.
- Black borrowers owe 13.6% of student debt despite being 7.5% of borrowers, averaging $53,000 per person.
- Student loan debt payments consumed 5.2% of GDP in 2023 projections.
- 18% of U.S. adults under 30 have student debt over $50,000 in 2024.
- Total private student loan debt was $128.3 billion in Q1 2024.
- Average time to repay student loans is 20 years, with 10% taking over 30 years.
- Student debt for graduate degrees averages $80,250 per borrower in 2023.
- 39% of borrowers are 35 or older, holding 58% of total student debt.
- Student loan default rate for 2019 cohort was 7.5% after three years.
- Total student debt grew 7.2% from 2020 to 2023 amid pandemic forbearance.
- Parents hold $108 billion in federal Parent PLUS loans as of 2024.
- 56% of bachelor's degree holders have student debt, averaging $32,240.
- Student debt-to-income ratio for recent grads averages 12% lifelong.
- Forgiveness programs have canceled $160 billion for 4.4 million borrowers as of 2024.
- Monthly student loan payment for average borrower rose to $524 in 2024 post-forbearance.
- 28% of student borrowers are in forbearance or deferment in 2024.
- Student debt delinquency spiked to 9.3% for ages 18-29 in Q1 2024.
Student Loan Debt Interpretation
America has built a trillion-dollar millstone of ambition around the necks of its citizens, where the average graduate's diploma is not just a ticket to the future but a two-decade mortgage on a past education, with a particularly crushing interest rate on equality.
Total Household Debt
- As of Q2 2024, total U.S. household debt stood at $17.94 trillion, marking a 0.5% increase from the previous quarter and the highest level on record.
- In Q1 2024, U.S. household debt service payments as a percentage of disposable personal income averaged 9.95%, down slightly from 10.02% in Q4 2023.
- By the end of 2023, the average household debt per capita in the U.S. reached approximately $59,400, reflecting a 4.2% year-over-year increase.
- U.S. household debt-to-GDP ratio was 75.3% in Q3 2023, compared to a peak of 100% during the 2008 financial crisis.
- From 2019 to 2023, total U.S. household debt grew by 25.6%, from $14.15 trillion to $17.77 trillion.
- In 2022, 11.3% of U.S. households carried debt in collections totaling over $88 billion.
- The median household debt balance in the U.S. was $48,000 in 2023, with the 90th percentile at $180,000.
- U.S. household revolving debt hit $1.17 trillion in Q2 2024, up 4.1% year-over-year.
- Delinquency rates on all household debt rose to 3.2% in Q1 2024, the highest since Q1 2012.
- Total U.S. household debt increased by $212 billion in Q1 2024 alone.
- As of 2023, Baby Boomers held 38.5% of total U.S. household debt despite being 21% of the population.
- U.S. household debt payments consumed 9.7% of after-tax income in Q4 2023.
- From 2003 to 2023, U.S. household debt per adult rose from $38,000 to $58,000 adjusted for inflation.
- In 2023, 40% of U.S. households had debt balances over $100,000.
- Total U.S. household non-housing debt reached $5.1 trillion in Q4 2023.
- Household debt growth accelerated to 5.2% annually in 2023, the fastest since 2007.
- U.S. households with debt numbered 148 million in 2023, covering 93% of adults.
- The debt-to-income ratio for U.S. households averaged 130% in 2023.
- Total household debt in the U.S. surged 11% from $16.1 trillion in 2020 to $17.9 trillion in 2024.
- In Q3 2023, household debt balances grew by $57 billion quarterly.
- U.S. household debt as a share of personal income was 99.5% in 2023.
- By age group, Millennials held $2.8 trillion in household debt in 2023.
- Total U.S. household credit limits expanded to $25.4 trillion in Q1 2024.
- Household debt delinquency transitions increased 8% year-over-year in Q1 2024.
- U.S. household debt grew 1.1% in 2023, outpacing wage growth of 0.9%.
- Total household debt-to-asset ratio stood at 15.2% in Q4 2023.
- In 2022, U.S. households owed $17.5 trillion, with an average interest rate of 6.8%.
- Household debt balances for subprime borrowers rose 7% in 2023.
- Total U.S. household debt service ratio hit 13.2% for bottom 50% income in 2023.
- As of mid-2024, U.S. household debt utilization rate was 29.5%.
Total Household Debt Interpretation
The record-breaking mountain of American household debt is growing taller and faster than our paychecks, yet we’re building it on a foundation of credit cards, rising delinquencies, and over a trillion dollars in revolving balances—so while we’re not yet at crisis levels, we’re certainly flirting with the edge of the financial cliff.
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