Consumer Debt Statistics that Highlight America’s Debt Crisis

The average American household debt is now more than double what the average household earns in a year. At that rate, it’s likely that many families will spend decades trapped in a debt cycle.

We’ve compiled some illuminating stats that highlight just how severe the debt problem has become across all loan and credit line types.

We hope this information helps you think about debt in a more constructive way.

When it comes to improving the efficiency of managing your debt, our blog post on world's leading budgeting apps can also be helpful.

Watch our latest video on debt payoff methods:

Key Consumer Debt Statistics for 2025 – Editor’s Choice:

• In total, US household debt – mortgage and non-mortgage included – is approximately $17.95 trillion in 2025.
• Household consumer debt is worth 70.70% of the United States GDP.
• Credit cards and mortgages account for about two thirds of the total American consumer debt.
• The average adult in the US had $66,772 in debt in 2024.
• Total consumer debt is up by $2.5 trillion since 2020. 

The total outstanding debt among American consumers is $4.96 trillion as of Q3 2024, not taking mortgages into account.

(Federal Reserve)

Outstanding debt refers to the total amount of money owed, taking both the amount borrowed and accrued interest into consideration. The situation is getting worse; from $3.4 trillion in Q1 2016, consumer debt at the start of 2025 is approaching $5 trillion.

United States household debt – mortgage and non-mortgage included – rose $147 billion in 2024. It now amounts to approximately $17.95 trillion.

(Federal Reserve Bank of New York)

The total level of debt is up from $3.8 trillion just five years before.

The total revolving US consumer debt stood at over $1.35 trillion in November 2024.

(Federal Reserve)

The revolving consumer debt has been increasing ever since breakng the $1 trillion mark in 2021.

The total non-revolving consumer debt of US citizens is now $3.74 trillion.

(Federal Reserve)

The total non-revolving debt among US consumers has gone up more than 21.25% since 2019.

The average debt per adult person in America was $66,772 in 2024.

(Ramsey Solutions)

What's more, some 77% of US households had at least some type of debt last year.

Household consumer debt was worth 70.70% of US GDP in 2024.

(Trading Economics)

The ratio was at its highest in the fourth quarter of 2007, when consumer debt rose to 98.6% of the country’s GDP.

Historically, this figure was at its best in 1952, when consumer debt was worth just 23.8% of US GDP. From that point until 2018, the average was 58.35%.

Of the homes that had debt, the average debt per household in America is $175,075 (including mortgages, loans, and revolving credit) in 2024.

(NerdWallet)

The latest data shows that the average total debt has risen by 3.7% compared to 2023.

34% of Americans in 2024 had no debt.

(Northwestern Mutual)

The latest survey found that Baby Boomers lead the way here, with 46% of respondents saying they had no debt last year, while only 25% of millennials claimed so.

27% of Americans claimed that personal debt is the greatest obstacle to their financial security in 2024.

(Northwestern Mutual)

People who had personal debt said that they spend an average of 29% of their monthly income to pay their debts off.

Mortgages made up for 73.6% of total US consumer debt in 2024.

(Equifax)

The total mortgage debt last year amounted to a staggering $12.95 trillion.

Americans had $1.67 trillion in outstanding debt on auto loans in 2024.

(Equifax)

This represented a 2.3% increase compared to the year before.

US citizens spend $1.8 billion on interest every day in 2025.

(Peter G. Peterson Foundation)

What's more, it is predicted that in ten years, the interest will be more than double of what it is today.

82% of Americans say that their level of concer over debt has increased over the past few years.

(Peter G. Peterson Foundation)

In the same manner, some 84% of Americans said that they wanted the President and Congress to spend more of their time addressing the level of debt in the US.

Consumer credit card debt is expected to increase by 4.4% in 2025.

(TransUnion)

This year, the total outstanding debt Americans will have on their credit cards is projected to reach $1.13 trillion.

Americans had an average of $11,652 in personal loan debts in 2024.

(The Motley Fool)

The number has remained almost identical to 2023, when the average was $11,692.

Credit card bills were the main source of consumer debt in 2024.

(Statista)

Some 28% of consumers in the US said that credit card balances were their main soruce of debt, followed by car loans, with 13%.

The debt on home equity lines of credit (HELOC) reached $387 billion in 2024.

(Federal Reserve Bank of New York)

This type of debt has now risen every quarter since Q1 2022.