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.
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 stage of delinquency.
Although incomes on average have risen, higher debt levels and elevated delinquency rates on credit cards show some households are experiencing economic stress.
Source: NY Federal Reserve Center for Microeconomic Data.
