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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.
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.
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.
NEW YORK — The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $184 billion (1.1%) in the first quarter of 2024, to $17.69 trillion.
US households amassed roughly $16.9 trillion in household debt nationwide by the fourth quarter of 2022. According to population figures from the Census Bureau, this is equivalent to around $128,824 per household, on average.
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.
Household debt is defined as all liabilities of households (including non-profit institutions serving households) that require payments of interest or principal by households to the creditors at a fixed dates in the future.
Household debt balances set a fresh record high of $17.05 trillion during the first quarter, growing $148 billion or 0.9% from the fourth quarter of last year, the Federal Reserve Bank of New...
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.
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.