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Total household debt rose by $109 billion to reach $17.80 trillion, according to the latest Quarterly Report on Household Debt and Credit. Mortgage balances were up $77 billion to reach $12.52 trillion, while auto loans increased by $10 billion to reach $1.63 trillion and credit card balances increased by $27 billion to reach $1.14 trillion.
The data for household debt comprise debt incurred by resident households of the economy only. This FSI measures the overall level of household indebtedness (commonly related to consumer loans and mortgages) as a share of GDP.
The report shows total household debt increased by $109 billion (0.6%) in Q2 2024, to $17.80 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. It includes a one-page summary of key takeaways and their supporting data points.
The latest Quarterly Report on Household Debt and Credit shows that total household debt rose by $109 billion to reach $17.80 trillion, with mortgage balances posting a modest $77 billion increase to hit $12.52 trillion.
Household Debt Overview. A growing body of research documents the importance of household debt to the Great Recession and subsequent sluggish recovery. Notably, counties in which households were heavily indebted relative to their income at the beginning of the downturn experienced sharper declines in consumption expenditure and employment.
Graph and download economic data for Household Debt to GDP for United States from Q4 1947 to Q2 2024 about debt, households, GDP, USA, adjusted, credits, nonfinancial, corporate, public, and federal.
U.S. household debt grew by $800 million in 2023, resulting in record-highs for personal debt. However, 2024 could bring relief to struggling Americans.
According to the New York Fed’s Quarterly Report on Household Debt and Credit, total household debt in the United States grew by $228 billion in the third quarter of 2023, to reach an...
In the first quarter of 2024, the value of consumer credit debt of households and non-profit organizations amounted to over five trillion U.S. dollars, nearly twice higher than in 2011....