U.S. Household Debt Tops $17 Trillion
U.S. credit card debt. Photo source: picryl.
November 14, 2024--U.S. consumer debt reached a new high in the third quarter of 2024 of $17.94 trillion, according to the Federal Reserve Bank of New York.
Mortgage debt accounts for the largest amount, 70 percent, of total consumer debt. Compared to 10 years ago, U.S. households owe 55.5 percent more on mortgages: $12.6 trillion today compared with $8.1 trillion in the third quarter of 2014.
Mortgages account for the largest share of U.S. debt. Chart: Mohr Media. Data NY Fed.
Consumer debt on credit cards and auto loans stood at $1.17 trillion and $1.64 trillion, respectively, rising moderately. It's an 8 percent increase on credit card balances from the year before. As a whole, 3.5 percent of American household debt was in some st...