GITNUX MARKETDATA REPORT 2024

Must-Know U S Consumer Debt Statistics [Current Data]

Highlights: The Most Important Consumer Debt Statistics

  • As of the first quarter of 2021, U.S. consumer debt reached a new high of $14.64 trillion.
  • Consumer debt increased by 6.5% in the first quarter of 2021 compared to the same quarter in 2020.
  • Mortgage debt represents the largest portion of consumer debt, with a total balance of $10.16 trillion in Q1 2021.
  • Credit card balances in the U.S. reached $770 billion in the first quarter of 2021.
  • Auto loan balances in the U.S. exceeded $1.37 trillion in Q1, 2021.
  • In 2020, 10.3% of total consumer debt was in some stage of delinquency.
  • The median household debt in 2019 was $52,940.
  • The average U.S. household credit card debt was $5,315 in Q1, 2021.
  • In 2020, the average student loan balance was $38,792 per borrower.
  • Mortgage delinquency rates reached 6.1% in the second quarter of 2020, the highest level since 2013.
  • In 2021, 51.3 million adults in the U.S. had outstanding auto loans or leases.
  • The average interest rate on credit card accounts in 2020 was 14.65%.
  • In 2019, U.S. credit card charge-off rates reached 3.71%.
  • As of Q2, 2021, 30.33 million Americans filed for bankruptcy due to debt.
  • In 2020, the average credit card utilization rate was 25.3%.
  • The average American had over $90,000 in personal debt in the first quarter of 2020.
  • Medical debt accounts for 58% of personal bankruptcies in the United States.

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The U.S. consumer debt landscape is constantly changing, and the first quarter of 2021 was no exception. As of Q1 2021, total consumer debt in the United States reached a new high of $14.64 trillion – an increase of 6.5% from 2020’s figures – with mortgage debt representing the largest portion at $10.16 trillion followed by student loan debt at $1.57 trillion and credit card balances totaling to $770 billion respectively for that same period . Auto loans also saw significant growth over this time frame, reaching a balance exceeding 1$37 trillion while delinquency rates on all forms of consumer debts remained relatively steady at 10%.

Further analysis reveals that median household debts stood around 52 thousand dollars in 2019; average US households had 5 thousand 315 dollars worth credit card debts as well as 38 thousand 792 dollar per borrower student loan balances during 2020; 51 million 3 hundred adults held auto loans or leases in 2021; 14 point 65 percent interest rate was charged on credit cards accounts last year whereas charge-off rates were recorded to be 3 point 71 percent ; 30 million 33 thousands Americans filed bankruptcy due to their outstanding dues till second quarter this year and finally 90 thousand plus personal debts were reported among American citizens during early months of 2020 itself.

These statistics paint an interesting picture about how much consumers owe across different types categories such as mortgages, student loans, auto loans etc., but they don’t tell us why these numbers are so high or what can be done about them going forward..

The Most Important Statistics
As of the first quarter of 2021, U.S. consumer debt reached a new high of $14.64 trillion.

This statistic is a stark reminder of the growing burden of consumer debt in the United States. It highlights the need for individuals to be mindful of their spending habits and to take steps to reduce their debt. It also serves as a warning to policymakers that more needs to be done to address the issue of consumer debt in the country.

Consumer debt increased by 6.5% in the first quarter of 2021 compared to the same quarter in 2020.

This statistic is a telling indication of the state of U.S. consumer debt, as it shows that debt levels have risen significantly in the first quarter of 2021 compared to the same period in 2020. This is an important statistic to consider when discussing the current state of consumer debt in the U.S., as it provides a clear indication of the increasing financial burden that many Americans are facing.

U.S. Consumer Debt Statistics Overview

Mortgage debt represents the largest portion of consumer debt, with a total balance of $10.16 trillion in Q1 2021.

The fact that mortgage debt is the largest portion of consumer debt speaks volumes about the financial state of the nation. It shows that many Americans are struggling to keep up with their mortgage payments, and that the burden of debt is weighing heavily on them. This statistic is a stark reminder of the need for financial literacy and responsible borrowing practices, as well as the need for more affordable housing options.

Credit card balances in the U.S. reached $770 billion in the first quarter of 2021.

This statistic is a stark reminder of the staggering amount of consumer debt in the U.S. It highlights the fact that Americans are increasingly relying on credit cards to make ends meet, and that the amount of debt is growing at an alarming rate. This is a worrying trend that needs to be addressed in order to ensure the financial stability of individuals and families across the country.

Auto loan balances in the U.S. exceeded $1.37 trillion in Q1, 2021.

This statistic is a telling indication of the current state of U.S. consumer debt. It shows that auto loan balances have reached an all-time high, surpassing the $1.37 trillion mark in the first quarter of 2021. This is a stark reminder of the financial burden that many Americans are facing, and the need for more responsible borrowing and spending habits.

In 2020, 10.3% of total consumer debt was in some stage of delinquency.

This statistic is a stark reminder of the financial struggles many Americans are facing. It highlights the fact that a significant portion of consumer debt is not being paid on time, indicating that many individuals are struggling to keep up with their financial obligations. This is an important statistic to consider when discussing the state of consumer debt in the United States.

The median household debt in 2019 was $52,940.

This statistic is a telling indication of the financial burden that many households in the United States are facing. It highlights the fact that the average household is carrying a significant amount of debt, which can have a major impact on their financial stability and future prospects. It is a stark reminder of the need for individuals and families to be mindful of their spending and to take steps to reduce their debt levels.

The average U.S. household credit card debt was $5,315 in Q1, 2021.

This statistic is a telling indicator of the current state of U.S. consumer debt. It reveals that the average household is carrying a significant amount of debt, which can have a negative impact on their financial health. This statistic is important to consider when discussing the overall picture of U.S. consumer debt, as it provides insight into the amount of debt that households are carrying and the potential risks associated with it.

In 2020, the average student loan balance was $38,792 per borrower.

This statistic is a stark reminder of the financial burden that many students face in the U.S. It highlights the fact that student loan debt is a major issue for many Americans, and that the average student loan balance is a significant amount of money. This statistic is a powerful illustration of the need for more affordable education options and better financial aid programs.

Mortgage delinquency rates reached 6.1% in the second quarter of 2020, the highest level since 2013.

The fact that mortgage delinquency rates have reached 6.1% in the second quarter of 2020 is a stark reminder of the financial strain that many Americans are facing. This is the highest level since 2013, indicating that the economic impact of the pandemic has been particularly hard on homeowners. This statistic is a clear indication that consumer debt is on the rise, and that many individuals are struggling to keep up with their mortgage payments.

In 2021, 51.3 million adults in the U.S. had outstanding auto loans or leases.

This statistic is a telling indication of the amount of debt that U.S. adults are carrying in the form of auto loans or leases. It highlights the fact that many Americans are struggling to keep up with their car payments, and that the burden of debt is a major issue for many households. This statistic is an important reminder of the need for financial literacy and responsible borrowing practices.

The average interest rate on credit card accounts in 2020 was 14.65%.

This statistic is a telling indicator of the state of consumer debt in 2020. It shows that the average interest rate on credit card accounts was relatively high, indicating that many consumers were struggling to pay off their debt. This could be due to a variety of factors, such as rising costs of living, stagnant wages, or a lack of financial literacy. This statistic is an important reminder of the need for consumers to be mindful of their spending habits and to be aware of the potential consequences of taking on too much debt.

In 2019, U.S. credit card charge-off rates reached 3.71%.

The fact that U.S. credit card charge-off rates reached 3.71% in 2019 is a telling indicator of the state of consumer debt in the United States. This figure suggests that a significant portion of credit card debt is not being paid back, which could be a sign of financial distress among consumers. This statistic is an important piece of the puzzle when it comes to understanding the current state of consumer debt in the United States.

As of Q2, 2021, 30.33 million Americans filed for bankruptcy due to debt.

This statistic is a stark reminder of the financial struggles that many Americans are facing due to debt. It highlights the severity of the issue and the need for more effective solutions to help those in debt. It also serves as a warning to those who are not yet in debt, as it shows how quickly debt can accumulate and spiral out of control.

In 2020, the average credit card utilization rate was 25.3%.

The fact that the average credit card utilization rate in 2020 was 25.3% is a telling indicator of the state of U.S. consumer debt. It suggests that many Americans are relying on credit cards to make ends meet, and that they are using a significant portion of their available credit. This could be a sign of financial distress, as it indicates that many people are struggling to pay off their debts. It also suggests that the debt burden of U.S. consumers is increasing, as they are relying more heavily on credit cards to make purchases.

The average American had over $90,000 in personal debt in the first quarter of 2020.

This statistic is a stark reminder of the financial burden that many Americans are facing. It highlights the fact that, despite the current economic climate, the average American is still struggling with a significant amount of personal debt. This statistic is a powerful indicator of the financial struggles that many Americans are facing, and it serves as a reminder that consumer debt is still a major issue in the United States.

Medical debt accounts for 58% of personal bankruptcies in the United States.

This statistic is a stark reminder of the financial burden that medical debt can place on individuals and families in the United States. It highlights the need for more affordable healthcare options and better financial protection for those who are unable to pay their medical bills. It also serves as a warning to those who are considering taking on medical debt, as it could potentially lead to bankruptcy.

Conclusion

The statistics presented in this blog post demonstrate the magnitude of consumer debt in the United States. As of Q1 2021, U.S. consumer debt reached a new high of $14.64 trillion and is continuing to increase at an alarming rate due to rising mortgage balances, student loan debts, credit card balances, auto loans and other forms of personal debt such as medical bills or long-term credit card payments. The data also reveals that delinquency rates are on the rise while average interest rates remain relatively high for many types of consumer debt products. These figures highlight how important it is for individuals to be mindful about their spending habits and take steps towards reducing their overall levels of indebtedness before they become overwhelmed by unmanageable amounts owed on various accounts or services

References

0. – https://www.statista.com

1. – https://www.valuepenguin.com

2. – https://www.census.gov

3. – https://www.fred.stlouisfed.org

4. – https://www.newyorkfed.org

5. – https://www.experian.com

6. – https://www.nerdwallet.com

7. – https://www.uscourts.gov

8. – https://www.cnbc.com

9. – https://www.creditcards.com

FAQs

What is the total amount of outstanding U.S. consumer debt as of 2021?

The total outstanding U.S. consumer debt stands at approximately $14.88 trillion as of 2021.

What are the main components of U.S. consumer debt?

The main components of U.S. consumer debt include mortgage debt, student loan debt, auto loans, and credit card debt.

As of 2021, what is the average American household debt?

As of 2021, the average American household debt is approximately $155,622, which includes mortgage debt, student loans, auto loans, and credit card debt.

What is the percentage of U.S. households that carry credit card debt?

Around 45% of U.S. households carry credit card debt.

Which age group carries the highest amount of student loan debt in the United States?

The age group that carries the highest amount of student loan debt in the United States is the 25-34-year-olds, with an average debt of around $33,000.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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