Total consumer debt in the US rose by $148 billion to a new record $17.04 trillion in the first quarter of 2023. Contrary to the usual pattern of balance decreases in the first quarters, credit card balances reached a record high of $986 billion, defying expectations. Mortgage debt, which accounts for more than 70% of total debt, increased by $121 billion to $12.04 pushed by higher mortgage rates. Still, new mortgage originations, including refinancings, totaled just $323.5 billion, the lowest level since the Q2 of 2014, and 62% below the same period a year ago. Student loan debt edged higher by $9 billion to $1.6 trillion and auto debt was up by 93 billion to $1.56 trillion. Also, total delinquency rates rose to 3%, the highest since Q3 of 2020. There has been an increase in the proportion of debt that has become delinquent, indicating a delay of at least 30 days in payment, across various loan categories such as credit cards and auto debt. source: Federal Reserve Bank of New York

Debt Balance Total in the United States averaged 12.16 Trillion USD from 2003 until 2023, reaching an all time high of 17.05 Trillion USD in the first quarter of 2023 and a record low of 7.23 Trillion USD in the first quarter of 2003. This page includes a chart with historical data for the United States Debt Balance Total. United States Debt Balance Total - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

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United States Debt Balance Total



Related Last Previous Unit Reference
Mortgage Originations 323.53 497.57 Billion USD Mar 2023
Debt Balance Student Loans 1.60 1.60 Trillion USD Mar 2023
Debt Balance Mortgages 12.04 11.92 Trillion USD Mar 2023
Debt Balance Credit Cards 0.99 0.99 Trillion USD Mar 2023
Debt Balance Auto Loans 1.56 1.55 Trillion USD Mar 2023
Credit Card Accounts 572.87 564.50 Millions Mar 2023

United States Debt Balance Total
The Federal Reserve Bank of New York's Household Debt and Credit Report provides unique data and insight into the credit conditions and activity of U.S. consumers. Based on data from the New York Fed's Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data, the report provides a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies.
Actual Previous Highest Lowest Dates Unit Frequency
17.05 16.90 17.05 7.23 2003 - 2023 Trillion USD Quarterly
Current Prices, NSA

News Stream
US Household Debt Hits New Record
Total consumer debt in the US rose by $148 billion to a new record $17.04 trillion in the first quarter of 2023. Contrary to the usual pattern of balance decreases in the first quarters, credit card balances reached a record high of $986 billion, defying expectations. Mortgage debt, which accounts for more than 70% of total debt, increased by $121 billion to $12.04 pushed by higher mortgage rates. Still, new mortgage originations, including refinancings, totaled just $323.5 billion, the lowest level since the Q2 of 2014, and 62% below the same period a year ago. Student loan debt edged higher by $9 billion to $1.6 trillion and auto debt was up by 93 billion to $1.56 trillion. Also, total delinquency rates rose to 3%, the highest since Q3 of 2020. There has been an increase in the proportion of debt that has become delinquent, indicating a delay of at least 30 days in payment, across various loan categories such as credit cards and auto debt.
2023-05-15
US Household Debt Hits Record $16.9 Trillion
US household debt surged by $394 billion to a record $16.90 trillion in the fourth quarter of 2022, the sharpest increase in two decades, on the back of rising mortgage and credit card balances due to rising inflation and interest rates. Mortgage debt, which accounts for the bigger slice of total debt, increased by $254 billion to $11.92 trillion at the end of 2022, at a time when an aggressive tightening camping from the Federal Reserve pushed the average rate on a 30-year fixed mortgage briefly above 7%, a level not seen since 2001. Also, credit card balances increased by $61 billion, the most on record, while auto loan balances rose by $28 billion. Meanwhile, the overall percentage of borrowers in delinquency remained below pre-pandemic levels. Still, concerns grew among economists that younger borrowers could struggle once payments of student loans resume later this year.
2023-02-16