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In economics, consumer debt is the amount owed by consumers (as opposed to amounts owed by businesses or governments). It includes debts incurred on purchase of goods that are consumable and/or do not appreciate. In macroeconomic terms, it is debt which is used to fund consumption rather than investment. [1]
U.S. consumer debt snapshot. Average loan balances grew for most types of consumer debt in 2023. Credit cards—the debt products with the highest average interest rates for consumers—grew the most.
Household debt in Great Britain 2008-10. Household debt is the combined debt of all people in a household, including consumer debt and mortgage loans.A significant rise in the level of this debt coincides historically with many severe economic crises and was a cause of the U.S. and subsequent European economic crises of 2007–2012.
Here’s what the debt picture looks like across a few key borrowing categories. Credit cards. The average amount of credit card debt per consumer in the U.S. in 2023 was $6,501, according to ...
Select Consumer Non-Mortgage Debt Component Averages, 2019-2024. Indeed, average student loan balances peaked in 2021 and 2022 at roughly $39,400 before falling by more than $1,000 in 2023, when ...
By 2009, home mortgage debt had risen to 76% of household debt and consumer credit had fallen to 18.22%. [19] According to the McKinsey Global Institute, the 2007–2008 financial crisis was caused by "unsustainable levels of household debt." The ratio of debt to household income rose by about one-third from 2000 to 2007. [20]
Good debt vs. bad debt. ... Any high-interest consumer debt that doesn’t help you meet your long-term financial goals is considered bad debt. On the opposite end of the spectrum, some forms of ...
Countries by household debt, loans and debt securities as % of GDP 1980 to 2022 [1]; Country 2022 2021 2018 2017 2016 2015 2010 2005 2000 1995 1990