US Household Debt: % of GDP, 1999 – 2024 (2024)

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How much of the GDP is the US household debt? ›

United States Household Debt: % of GDP

United States household debt accounted for 63.8 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 64.0 % in the previous quarter. US household debt to GDP ratio is updated quarterly, available from Mar 1999 to Mar 2024.

The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.

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 fourth quarter of 2023, is 9.8%. That means the average American spends nearly 10% of their monthly income on debt payments.

How much credit card debt do Americans have? Americans' total credit card balance is $1.115 trillion in the first quarter of 2024, according to the latest consumer debt data from the Federal Reserve Bank of New York.

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.

At the end of September 2023, domestic creditors held 77 percent of the outstanding debt held by the public. Foreign creditors held the remaining 23 percent. The Federal Reserve typically accounts for a significant proportion of debt held by the public owned by domestic investors.

Mortgage Debt

Americans with a mortgage pay a median monthly payment of $2,006. Accounting for 70% of all American debt, mortgage debt carries the highest total at $12.25 trillion. There are over 84 million outstanding mortgages in our country, and the average balance on each of them is $145,833.

Average credit card debt in America is $7,951, based on 2022 data from the Federal Reserve and the U.S. Census Bureau. Credit card debt varies due to age/income/other factors, but only makes up a fraction of personal debt. The average consumer's debt in America is $95,067.

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve.

The statistic shows the national debt of the United States from 2019 to 2022 in relation to the gross domestic product (GDP), with projections up until 2029. In 2022, the national debt of the United States was at around 120.03 percent of the gross domestic product. See the US GDP for further information.

What is a good debt-to-income ratio for a household? ›

35% or less: Looking Good - Relative to your income, your debt is at a manageable level. You most likely have money left over for saving or spending after you've paid your bills. Lenders generally view a lower DTI as favorable.

Idaho has the lowest per capita government debt in the nation, at $3,107.52, which accounts for 5.43% of the state's total GDP. Wyoming holds the smallest state debt as a percentage of GDP, at just 4.11%.

What is the average credit score? The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.

The average American household now owes $7,951 in credit card debt, according to the most recent data available from the Federal Reserve Bank of New York and the U.S. Census Bureau.

(The KFF polling found that 41% of adults have health care debt according to a broader definition, which includes health care debt on credit cards or owed to family members.)

Debt service amounted to 2.4% of the economy last year, CBO said, and is poised to rise to 3.1% this year and 3.9% in 2034.

United States Private Debt accounted for 150.15 % of its Nominal GDP in Dec 2023, compared with a ratio of 152.02 % in the previous quarter See the table below for more data.

United States Government Debt: % of GDP

United States Government debt accounted for 124.7 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 124.3 % in the previous quarter. US government debt to GDP ratio data is updated quarterly, available from Mar 1969 to Mar 2024.

Goldman's economics team reckons that the US debt-to-GDP ratio will hit 130% by 2034 from 98% now – fully 8 percentage points higher than the CBO estimates. But could it end up being far higher than that?