KEY POINTS
- Record high debt: American households carry $17.796 trillion in debt as of Q2 2024, averaging $104,215 per household.
- Mortgage dominates debt: Mortgage debt comprises 70% of total household debt, with an average mortgage debt of $244,498 in 2023.
- Credit card surge: Total credit card debt hit $1.142 trillion in Q2 2024, with an average balance of $6,501 per cardholder in Q3 2023.
Key findings are powered by ChatGPT and based solely off the content from this article. They are reviewed by Jack Caporal, our research director. The author and editors take ultimate responsibility for the content.
American households carry a total of $17.796 trillion of debt and average $104,215 per household. Total debt is at an all-time high as of the second quarter of 2024, according to the Federal Reserve. Mortgage debt makes up 70% of total household debt in the United States.
Drawing on data from Experian, the Federal Reserve, TransUnion, and the U.S. Census Bureau, The Motley Fool Ascent breaks down the most common types of debt including mortgages, auto loans, credit cards, and personal loans.
Key household debt statistics
| FIGURE | AMOUNT |
|---|---|
| Total household debt, Q2 2024 | $17.796 trillion |
| Average household debt, 2023 | $104,215 |
| Total credit card debt, Q2 2024 | $1.142 trillion |
| Average credit card debt, Q3 2023 | $6,501 |
| Total mortgage debt, Q2 2024 | $12.519 trillion |
| Average mortgage debt, 2023 | $244,498 |
| Average mortgage payment, 2021 | $1,427 |
| Total home equity revolving debt, Q2 2024 | $380 billion |
| Average HELOC value, 2023 | $42,139 |
| Total auto loan debt, Q2 2024 | $1.626 trillion |
| Average auto loan debt, Q1 2024 | $24,035 |
| Average monthly new car payment, Q1 2024 | $735 |
| Average monthly used car payment, Q4 2023 | $523 |
| Average personal loan debt, Q1 2024 | $11,829 |
Data source: Experian, Federal Reserve, TransUnion, U.S. Census Bureau. Editor's note: This table includes the most up to date information for each category. Some data is not available on a quarterly or annual basis.
Inflation and Americans' finances in 2024
Inflation has begun to moderate after roughly three years. That's contributed to debt and average household debt rising in nearly every category compared to 2020. This includes total household debt, credit card debt, mortgage debt, and auto loan debt. Total debt is up by over $2.5 trillion since 2020.
The percentage of personal loans and auto loans in hardship are also above 2020 levels. Credit card and auto loan delinquency rates have been on the rise since the second half of 2022 and are now at levels not seen since the 2008 recession.
Average consumer household debt in 2024
| DEBT TYPE | Total, Q2 2024 unless otherwise specified |
|---|---|
| Total consumer debt (including types not listed below) | $17.796 trillion |
| Average household debt, 2023 | $104,215 |
| Total mortgage debt | $12.519 trillion |
| Total revolving home equity debt | $380 billion |
| Total auto loan debt | $1.626 trillion |
| Total credit card debt | $1.142 trillion |
| Other | $2.129 trillion |
Data source: Federal Reserve Bank of New York (2024), Experian (2024).
The New York Fed's quarterly Household Debt and Credit Survey (HHDC) shows that total consumer debt stands at $17.796 trillion as of the second quarter of 2024. That's a record high.
According to Experian, average total consumer household debt in 2023 is $104,215. That's up 11% from 2020, when average total consumer debt was $92,727.
Average American debt payments in 2023: 9.8% of income
The Federal Reserve tracks the nation's household debt payments as a percentage of disposable income. The most recent debt payment-to-income ratio, from the first quarter of 2024, is 9.8%.
That means the average American spends nearly 10% of their monthly income on debt payments. Despite debt increasing overall, Americans are still spending less of their income on debt than in most of the 2000s.
Average credit card debt in 2024
| FIGURE | AMOUNT |
|---|---|
| Total credit card debt, Q2 2024 | $1.142 trillion |
| Average credit card debt, Q3 2023 | $6,501 |
| Average store card balance, Q3 2023 | $1,188 |
| Average revolving credit card balance, 2022 | $5,910 |
| Delinquency rate of all credit card loans from commercial banks, Q1 2024 | 3.23% |
Data source: Experian (2024), Federal Reserve (2024).
According to the latest Household Debt and Credit survey results from the Fed, Americans owe $1.142 trillion in credit card debt as of the second quarter of 2024. That's a record high, up from $1.115 trillion in the first quarter.
What does that mean for individual credit card holders?
According to Experian, Americans had an average of $6,501 in credit card debt in the third quarter of 2023.
Average revolving credit card balance: $6,501
A revolving credit card balance is one that persists between payments -- in other words, it's what people pay interest on. It's one of the most important figures when looking at credit card debt.
The average credit card balance is $6,501 as of the third quarter of 2023, per Experian. That's up from $5,910 in 2022.
Based on data from the second quarter in 2023, Gen X carries the highest average credit card balance, $8,870, while Gen Z carries the lowest average credit card balance, with $3,148.
Credit card balance by generation
| Generation | 2022 | 2023 |
|---|---|---|
| Generation Z (18-25) | $2,692 | $3,148 |
| Millennials (26-41) | $5,309 | $6,274 |
| Generation X (42-57) | $7,781 | $8,870 |
| Baby boomers (58-76) | $6,134 | $6,601 |
| Silent Generation (77+) | $3,305 | $3,434 |
Data source: Experian (2023). Data is from the second quarter of 2022 and 2023.
Credit card delinquency rate: 9.1%
Credit card delinquencies continue to climb. In the second quarter of 2024, 9.1% of credit card balances have become delinquent by 30 days or more over the past year. That's up from 8.9% last quarter, up from 7.2% a year ago, and up from 4.3% in the second quarter of 2021.
Millennials, low-income borrowers, and to a lesser extent Gen Z, were most responsible for the spike in serious delinquencies due to expensive auto payments and other loans coming due.
Average mortgage and HELOC debt in 2024
| FIGURE | AMOUNT |
|---|---|
| Total mortgage debt, Q2 2024 | $12.519 trillion |
| Average mortgage debt, 2023 | $244,498 |
| Average (mean) mortgage payment, 2021 | $1,427 |
| Average (median) mortgage payment, 2021 | $1,001 |
| Average mortgage rate, Q2 2024 (30-year fixed) | 7.00% |
| Total home equity revolving debt, Q2 2024 | $380 billion |
| Average HELOC value, 2023 | $42,139 |
Data source: Experian (2024), Federal Reserve (2024), Freddie Mac (2024).
Mortgages make up 70% of American consumer debt. That number has risen consistently since mid-2013 and has recently accelerated as home prices hit record levels.
How much mortgage debt does the average American have? The average mortgage debt among Americans is $244,498, per Experian's 2023 State of Credit Report.
That's up from the average mortgage debt reported by Experian in 2022: $232,545.
Average mortgage rate in 2024: 7%
The average 30-year fixed mortgage rate for the second quarter of 2024 is 7%, up from 6.75% in the first quarter.
Mortgage rates rose through 2023 after hitting lows in 2020 and 2021.
Average mortgage payment: $1,427
According to the U.S. Census Bureau's American Housing Survey, the average (mean) mortgage payment in 2021 was $1,427, while the median was $1,001.
Average HELOC amount: $42,139
Based on data from Experian, the average value of a home equity line of credit in 2023 was $42,139.
Average auto loan debt in 2024
| FIGURE | AMOUNT |
|---|---|
| Total auto loan debt, Q2 2024 | $1.626 trillion |
| Average auto loan debt, Q1 2024 | $24,035 |
| Average monthly new car payment, Q1 2024 | $735 |
| Average monthly used car payment, Q4 2023 | $523 |
Data source: Experian (2024), Federal Reserve (2024).
Auto loan debt has been creeping up over the past several years and hit $1.626 trillion in the second quarter of 2024.
The average auto loan debt is $24,035 as of the first quarter of 2024.
The average car payment for both new and used vehicles has stabilized over the course of the year, with little change in recent quarters, according to data from Experian.
Average new car payment: $735
The average monthly payment on a loan for a new car was $735 in the second quarter of 2024, according to Experian. Monthly payments on loans for new cars, by credit score, are as follows:
- Deep subprime (300-500): $730
- Subprime (501-600): $749
- Nonprime (601-660): $763
- Prime (661-780): $740
- Super prime (781-850): $723
- All: $735
Average used car payment: $523
The average monthly payment on a loan for a used car was $523 in the second quarter of 2024, according to Experian. Monthly payments on loans for used cars, by credit score, are as follows:
- Deep subprime (300-500): $534
- Subprime (501-600): $536
- Nonprime (601-660): $530
- Prime (661-780): $514
- Super prime (781-850): $522
- All: $523
Auto loans in delinquency in 2024: 3.53%
According to TransUnion, 3.53% of auto loans were 30 days or more past due in June 2024, up from 3.33% the previous year.
Rising vehicle prices and overall inflation through 2022 and the start of 2023 may be responsible for a higher percentage of auto loans being in hardship compared to previous years.
Average personal loan debt in 2024: $11,829
| FIGURE | Average | Previous year |
|---|---|---|
| Average unsecured personal loan amount, Q1 2024 | $7,000 | $8,200 |
| Average unsecured personal loan debt per consumer, Q1 2024 | $11,829 | $11,281 |
| Average finance rate on 24-month personal loans from commercial banks, May 2024 | 11.92% | 11.48% |
| Personal loans in delinquency, 30 days plus past due, June 2024 | 4.60% | 5.00% |
Data source: Federal Reserve (2024), TransUnion (2024).
Personal loans are versatile financial products. They can be used for a variety of financial needs, including weddings, home renovations, vacations, or debt consolidation.
According to TransUnion, the average unsecured personal loan amount in the first quarter of 2024 was $7,000, down from $8,200 in the previous year.
The average balance per consumer is $11,829, which indicates that many people who have one unsecured personal loan have at least one more. That's higher than the level recorded a year prior, which was $11,281.
Average personal loan interest rate in 2024: 11.92%
The St. Louis Federal Reserve tracks the average unsecured personal loan interest rate. In May 2024, the average interest rate for a 24-month personal loan was 11.92%, a few hundredths off the recent peak in February.
Personal loans in delinquency in 2024: 4.6%
In June 2024, 4.6% of unsecured personal loans were delinquent, 30 days or more past due. That's down from the same month in 2023, when 5% of unsecured personal loans were delinquent.
American medical debt
Medical debt can be difficult to track. However, it's clear that it's a growing problem.
According to The Urban Institute, 13% of Americans -- over 43 million people -- had medical debt in collections in 2022. That number is higher in communities of color, at 15%.
Some states have significantly higher numbers, too. For example, 24% of West Virginians have medical debt in collections.
The median debt also varies quite a bit. In the United States overall, the median medical debt in collections is $703. In Wyoming, Utah, Wisconsin, and Florida, that number is over $900.
While statistics are scarce, it seems likely that rising healthcare costs -- especially during a global pandemic -- have pushed these numbers higher in recent years.
Bankruptcy, delinquencies, charge-offs, and foreclosures
When Americans can't handle their debts, we see foreclosures, bankruptcies, delinquencies, and charge-offs. When those numbers go up, it's clear that Americans' personal finances are in trouble.
So what happened this year?
Personal bankruptcy statistics
According to the American Bankruptcy Institute's most recent release, there were 89,224 declarations of bankruptcy in the United States by the end of March 2022.
Interestingly, that's 17% less than the number we saw at the same point in 2021.
Personal bankruptcies by state
Here are the 2022 bankruptcy filings through March per capita of all 50 states and D.C. The total number of year-to-date (YTD) personal bankruptcy filings per capita in the country as a whole is 1.38.
Charge-off and delinquency rates on consumer loans in 2023: 2.36%
The Federal Reserve Board collects statistics on charge-offs and delinquencies by loan type. Here's how they've changed since 2010:
Charge-offs and delinquencies for consumer loans, credit cards, and real estate loans were up in the first quarter of 2023 compared to the previous quarter.
The delinquency and charge-off rate for consumer loans (which includes credit cards) was 2.36% in the second quarter of 2023, while the overall rate, which includes real estate and commercial loans, was 1.26%.
Foreclosures in 2024
There were 18,574 foreclosures in June 2024, according to ATTOM. That's down 23% from the previous year.
Paying off debt
It may seem like Americans are swimming in too much debt to get out, but there are ways to pay off debt.
The first step toward paying off debt is understanding the total amount of debt you have. From there you can determine what type of debt you hold, like credit card debt, a mortgage, or auto loan. Then it is important to note how much you owe, what the interest rate is, and what the minimum payment amount is for each type of debt you own.
With that information, you should be able to figure out how you can fit paying off debt into your personal budget. Our debt snowball calculator can help you organize your debts and explore repayment options.
Debt payoff apps can help you keep track of all those numbers, plus offer useful budgeting features like debt calculators and expense tracking.
Sources
- American Bankruptcy Institute (2022). "Bankruptcy Statistics."
- ATTOM (2024). "Foreclosure Activity in First Half of 2024 Down from Previous Year."
- Braga, Breno, Signe-Mary McKernan, and Caleb Quakenbush (2022). Urban Institute "Debt in America: An Interactive Map."
- Debt.org (n.d.). "Medical Debt Relief."
- Experian (2024). "Experian Study: Average U.S. Consumer Debt and Statistics."
- Experian (2024). "Experian 2023 Consumer Credit Review."
- Experian (2024). "Experian State of Automotive Finance Market Q1 2024."
- Experian (2024. "State of Retail Cards and Buy Now, Pay Later in 2024."
- Federal Reserve (2024). "Household Debt and Credit."
- Federal Reserve (2024). "30-Year Fixed Rate Mortgage Average in the United States."
- Federal Reserve (2024). "Delinquency Rate on Credit Card Loans, All Commercial Banks."
- Federal Reserve (2024). "Finance Rate on Personal Loans at Commercial Banks, 24 Month Loan."
- Federal Reserve (2024). "Household Debt Service Payments as a Percent of Disposable Personal Income."
- Federal Reserve (2024). "Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks."
- TransUnion (2024). "Credit Industry Snapshot."
