While a staggering $17.80 trillion in U.S. household debt might seem like a distant national figure, the reality hits much closer to home for the average American, who now carries over $104,000 in personal financial obligations.
Key Takeaways
- In Q2 2024, total U.S. household debt reached $17.80 trillion, marking a 0.5% increase from the previous quarter
- The average U.S. household debt balance in 2023 was $104,215, up 4.7% from 2022
- As of 2023, total consumer debt in the U.S. stood at $17.5 trillion, with mortgages comprising 70% of the total
- Mortgage debt accounted for 72.8% of total U.S. household debt in Q2 2024
- Student loan debt made up 8.4% of total household debt at $1.61 trillion in Q1 2024
- Credit card debt represented 7.2% of total debt, totaling $1.13 trillion in Q4 2023
- Total U.S. household debt rose 1.3% year-over-year to $17.5T in Q3 2023
- Credit card debt surged 8.5% year-over-year to $1.08T in Q3 2023
- Mortgage balances increased 0.3% quarterly in Q2 2024 amid rising rates
- Average U.S. household debt by age 18-24 was $8,000 in 2022, rising 10% YoY
- Debt for ages 25-34 averaged $113,000 in 2022, highest among young adults
- Ages 35-44 held $135,800 average debt in 2022 SCF data
- U.S. credit card delinquency rate reached 3.2% in Q2 2024, highest since 2012
- Mortgage delinquency steady at 0.6% of balances in Q2 2024
- Auto loan serious delinquency (90+ days) hit 3.2% in Q1 2024
Soaring household debt levels continue to squeeze American budgets across all generations.
Aggregate Debt Statistics
- In Q2 2024, total U.S. household debt reached $17.80 trillion, marking a 0.5% increase from the previous quarter
- The average U.S. household debt balance in 2023 was $104,215, up 4.7% from 2022
- As of 2023, total consumer debt in the U.S. stood at $17.5 trillion, with mortgages comprising 70% of the total
- Median household debt in the U.S. was $80,200 in 2022 according to the Survey of Consumer Finances
- Total non-housing debt per U.S. adult averaged $48,611 in 2023
- U.S. household debt-to-GDP ratio was 75.2% in Q4 2023
- Average total debt for Americans aged 30-39 was $134,600 in 2023
- Total U.S. credit card debt hit $1.13 trillion in Q4 2023
- Per capita household debt in the U.S. was approximately $52,000 in 2023
- U.S. student loan debt totaled $1.60 trillion across 43 million borrowers in Q2 2024
- Mortgage debt balances increased by $87 billion to $12.61 trillion in Q1 2024
- Total auto loan debt reached $1.61 trillion in Q2 2024, up 0.7% quarter-over-quarter
- Average household debt service ratio was 9.8% of disposable income in Q4 2023
- Total U.S. revolving debt was $1.31 trillion in 2023
- Household debt per capita in Canada was CAD 72,315 in Q4 2023
- UK household debt totaled £1.98 trillion in Q3 2023
- Average personal debt in Australia reached AUD 70,000 in 2023
- Total household debt in Japan was ¥1,050 trillion in 2023
- Eurozone household debt-to-GDP averaged 51.3% in 2023
- China's household debt reached 62.1% of GDP in Q3 2023
- U.S. household net worth minus debt was $156.2 trillion in Q1 2024
- Total personal loans outstanding grew 12% to $222 billion in 2023
- Average debt for U.S. households in bottom 50% income was $62,000 in 2022
- Top 10% of U.S. households hold 73% of total debt in 2022
- Total debt for Gen Z Americans averaged $16,283 in 2023
- Millennial average debt was $52,702 in 2023 per Experian
- Gen X average total debt hit $140,016 in 2023
- Baby Boomers' average debt was $97,006 in 2023
- Silent Generation average debt stood at $40,925 in 2023
- Total U.S. debt service payments reached $523 billion quarterly in Q4 2023
Aggregate Debt Statistics Interpretation
Despite a towering $17.8 trillion mountain of household debt, Americans seem to be collectively whispering, "I'll worry about it later," while dutifully making their payments as if it's just another subscription service.
Debt by Type
- Mortgage debt accounted for 72.8% of total U.S. household debt in Q2 2024
- Student loan debt made up 8.4% of total household debt at $1.61 trillion in Q1 2024
- Credit card debt represented 7.2% of total debt, totaling $1.13 trillion in Q4 2023
- Auto loans comprised 8.8% of household debt at $1.61 trillion in Q2 2024
- Other debt categories totaled $0.75 trillion, or 4.1% of total in Q2 2024
- Average mortgage balance per borrower was $244,498 in 2023
- Average student loan balance was $38,375 per U.S. borrower in 2024
- Average credit card balance reached $6,501 per cardholder in Q1 2024
- Average auto loan balance was $23,029 in Q4 2023
- Personal loan average balance grew to $11,372 in 2023
- HELOC balances averaged $85,000 per U.S. household with one in 2023
- Buy now, pay later debt totaled $168 billion globally in 2023
- Medical debt affected 41% of Americans, averaging $2,000 per person in 2022
- Payday loan debt averaged $375 per loan in the U.S. in 2023
- Average balance for non-mortgage home equity loans was $92,000 in 2023
- Student loan debt for graduate degrees averaged $80,000 per borrower in 2023
- Credit card debt for millennials averaged $5,800 per person in 2023
- Auto loan debt for new cars averaged $39,000 per loan in Q1 2024
- Mortgage debt for first-time buyers averaged $300,000 in 2023
- Revolving credit excluding credit cards was $24 billion in Q2 2024
- Total student debt in for-profit colleges averaged $31,000 per borrower
- Average credit utilization rate was 27% for U.S. cardholders in 2023
- Jumbo mortgage average balance exceeded $700,000 in 2023
- FHA mortgage debt totaled $1.7 trillion in 2023
- VA loan balances averaged $250,000 per veteran borrower in 2023
- Private student loan average was $35,000 vs. federal $20,000 in 2023
Debt by Type Interpretation
The American dream is now a meticulously itemized subscription, with the home as the primary payment, the car as a costly accessory, and the degree as the prerequisite, all perpetually financed on a foundation of plastic.
Delinquency and Burden
- U.S. credit card delinquency rate reached 3.2% in Q2 2024, highest since 2012
- Mortgage delinquency steady at 0.6% of balances in Q2 2024
- Auto loan serious delinquency (90+ days) hit 3.2% in Q1 2024
- Student loan early delinquency was 7.4% post-pause in Q1 2024
- 11% of U.S. consumers behind on at least one debt payment in 2023
- Debt payments consumed 10.5% of after-tax income in Q4 2023
- 14 million Americans carry medical debt over $1,000 in collections 2023
- Credit card debt burden ratio hit 24% of disposable income for subprime
- 41 million adults have debt in collections, averaging $2,000 each
- Student loan default rate was 7.4% for 2017 cohort in 2023
- 17% of mortgage holders underwater on loans in 2009, now <2% in 2023
- Personal loan delinquency rose to 4.3% in Q4 2023
- 60 million Americans have subprime credit scores due to debt issues 2023
- Debt-to-income ratio over 40% for 12% of mortgage applicants in 2023
- Payday loan default rates exceed 80% for repeat borrowers
- 25% of credit card holders maxed out limits in 2023 survey
- Average collections balance $1,739 per person with debt in 2023
- BNPL delinquency averaged 10% for users in 2023
- 36% of Americans couldn't pay full credit card balance monthly in 2023
- Foreclosure starts up 10% YoY to 3,900 monthly in Q1 2024
Delinquency and Burden Interpretation
Americans are hitting the brakes on their mortgages but seem to have their credit cards pinned to the floor, suggesting a financial tightrope walk where daily bills are drowning out long-term stability.
Demographic Variations
- Average U.S. household debt by age 18-24 was $8,000 in 2022, rising 10% YoY
- Debt for ages 25-34 averaged $113,000 in 2022, highest among young adults
- Ages 35-44 held $135,800 average debt in 2022 SCF data
- 45-54 year olds averaged $130,600 debt in 2022
- 55-64 averaged $109,400 household debt per SCF 2022
- 65-74 year olds had $86,900 average debt in 2022
- 75+ averaged $40,925 debt in 2022, lowest demographic
- Black households carried 1.4x more non-housing debt than white in 2022
- Hispanic households averaged $72,000 total debt vs. $110K for white in 2022
- Low-income (<$50K) households had $62K average debt in 2022
- Middle-income ($50-100K) averaged $120K debt in 2022 SCF
- High-income (>$100K) held $250K+ average debt in 2022
- College graduates carried $50,000 average student debt vs. $10K for non-grads
- Single women headed 40% of indebted households in 2023
- Urban households had 15% higher debt than rural in 2022 SCF
- Southern U.S. states averaged $105K household debt in 2023
- Northeastern states highest at $110K average debt per Experian 2023
- Gen Z women averaged $12,000 more debt than men in 2023
- Married couples held 70% of total mortgage debt in 2022
- 35% of Black Americans had medical debt over $250 vs. 19% white in 2022
- Millennials in top income quartile had $200K average debt in 2023
- Baby boomers renters carried 3x more credit card debt than owners
- LGBTQ+ individuals 20% more likely to have payday debt in 2023
- Disabled Americans 2x more likely to have debt in collections
- California households averaged $140K debt, highest state in 2023
- West Virginia lowest at $75K average household debt 2023
- 28% of student borrowers are parents with $40K average debt
Demographic Variations Interpretation
The American Dream seems to be on a payment plan, where debt peaks with our prime earning years, highlights stark racial and income inequalities, and follows us from college dorms well into retirement, proving that financial burden is a nearly universal, if wildly uneven, roommate for life.
Trends and Changes
- Total U.S. household debt rose 1.3% year-over-year to $17.5T in Q3 2023
- Credit card debt surged 8.5% year-over-year to $1.08T in Q3 2023
- Mortgage balances increased 0.3% quarterly in Q2 2024 amid rising rates
- Student loan debt grew 0.3% to $1.60T in Q2 2024 post-pause end
- Auto loans rose 0.2% to $1.61T in Q2 2024, slowing from prior quarters
- Total household debt peaked at 109% of disposable income in 2008, now 75%
- U.S. credit card delinquency transitioned to serious 90+ days rose to 9.1% in Q2 2024
- Household debt service payments as % of income fell from 14% in 2007 to 9.6% in 2023
- Student debt doubled from $800B in 2008 to $1.6T in 2023
- Mortgage debt share declined from 85% in 2000 to 71% in 2023
- Average credit card limit increased 45% from $8,000 in 2010 to $11,600 in 2023
- Delinquency rates for auto loans hit 2.7% in Q1 2024, highest since 2010
- Total debt grew 20% from $14.8T in 2019 to $17.8T in 2024
- Credit card balances up 16% since pandemic lows in 2021
- Student loan forbearance covered 40% of borrowers until 2023 pause end
- Household debt-to-income ratio stabilized at 1.2x in 2023 post-COVID spike
- UK household debt-to-income fell from 160% in 2008 to 135% in 2023
- Global household debt hit $59T in 2023, up 40% since 2015
- U.S. personal loan originations up 25% YoY in Q4 2023
- Average new auto loan amount rose from $33K in 2019 to $40K in 2023
- Mortgage rates doubled from 3% to 7% 2022-2023, slowing new debt
- Credit card interest rates hit 21% average in 2024, highest in 20 years
- BNPL usage tripled from 4% to 12% of consumers 2021-2023
- Medical debt collections dropped 20% post-COVID protections in 2023
- Total household debt increased 11% from Q4 2021 to Q2 2024
Trends and Changes Interpretation
While we've somehow become more responsible on paper, paying down mortgages and managing our debt-to-income ratio, our collective id has been gleefully swiping credit cards at record-high interest rates and financing ever-pricier cars, proving that the American financial psyche is a master of disciplined chaos.
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