With inflation rates and living costs reaching record highs, more and more people are taking on debt to make ends meet. In this overview of the latest consumer debt statistics, we’ll examine how indebted US individuals and households really are. We’ll also explore which demographic groups carry the most debt. Finally, we’ll take a look at the total debt balances across different categories — from mortgages and student loans to credit cards and personal loans.
Top 10 Consumer Debt Statistics and Facts for 2023
As of Q3 of 2022, the total US consumer debt stood at $4.7 trillion.
The value of revolving debt in Q3 of 2022 totaled $1.16 trillion.
The total non-revolving debt in Q3 of 2022 stood at $3.54 trillion.
At $146,164, Gen-Xers hold the highest average debt in the US.
72% of US millennials carry some form of non-mortgage consumer debt.
The top 1% of earners in the US hold $1.51 trillion in consumer debt.
At $159,957, the District of Columbia had the highest average debt in 2021.
As of Q3 of 2022, mortgage debt in America totaled $11.67 trillion.
Personal loan debt in the US reached $210 billion in Q3 of 2022.
At 1.38, Utah and Alaska have the highest debt-to-income ratio.
General Consumer Debt Statistics
As of Q3 of 2022, the total US consumer debt stood at $4.7 trillion.
Consumer debt refers to all types of debt taken on by consumers, excluding mortgages. The national total went up by 1.74% over the year’s second quarter, when it stood at $4.62 trillion. Compared to Q3 of 2021, when the consumer debt totaled $4.35 trillion, the increase is even more substantial at 7.97%. Since 2017, the total debt has been growing steadily. Over the last five years, the total has seen a sizable 22.75% increase from the $3.83 trillion recorded in 2017.
(The Federal Reserve)
The value of revolving debt in Q3 of 2022 totaled $1.16 trillion.
US consumer debt statistics show that the revolving portion of the debt saw a decline amid the global pandemic. The term refers to credit people can borrow against until reaching the limit; its drop during the COVID-19 crisis is understandable, as people opted against borrowing money and taking on extra debt. However, the decline was temporary — as of Q3 of 2022, the value of revolving debt in the US is 6.33% higher than the pre-pandemic peak of $1.09 trillion in 2019.
(The Federal Reserve)
The total non-revolving debt in Q3 of 2022 stood at $3.54 trillion.
This portion of the sum refers to all types of debt consumers repay in one installment without adding to the total. Data reveals that the non-revolving consumer debt in 2022’s third quarter is 5.85% higher than the $3.34 trillion recorded in Q3 of 2021. Just like the total national consumer debt, its non-revolving portion has been on a continuous rise in recent years. Over the last five years, the non-revolving debt saw a 25.85% increase from the $2.81 trillion recorded in 2017.
(The Federal Reserve)
The average consumer debt in 2021 totaled $23,325.
According to consumer debt figures, the number — which excludes mortgages and other real estate-related debt — was down by 12.38% from $26,621 in 2020. Compared to $29,800, which was the average debt in pre-pandemic 2019, the decline is even more impressive at 21.73%. Despite the decrease, the debt has negatively affected many adults’ livelihoods. To that point, 18% had to postpone retirement savings, and 14% have delayed buying a home due to debt.
(The Motley Fool)
As of Q3 of 2022, the US household debt reached $16.51 trillion.
Besides consumer loans and other types of consumer debt, the number above also includes mortgages. The total of $16.51 trillion represents a 2.2% increase from the $16.15 trillion in the year’s second quarter. At $351 billion, this represents the highest quarter-to-quarter increase in the last 15 years. Analysts attribute this surge in household debt to the rising mortgage rates — which account for the largest part of the total — and the growing inflation rates in recent months.
(Federal Reserve Bank of New York, CNBC)
In 2021, the average household debt in America reached $155,038.
The number represents a 3.3% increase from $150,085 in Q1 of 2020, the last pre-pandemic quarter. Of course, the actual numbers vary, with the 40% of households that have mortgage debt owing an average of $207,725 for mortgages alone. An Experian study found that the average per-person debt in 2021 — including mortgages — totaled $96,371. It marked a 3.9% increase from the $92,727 recorded a year earlier, primarily due to the rising mortgage prices. On the other hand, 17% of brits get into debtbecause of using their credit cards during the festive season.
(MoneyGeek, Experian)
Statistics on Consumer Debt Demographics
In most categories, men have more debt than women.
Despite earning 84 cents on every dollar men make, women still tend to be less indebted. A 2020 survey found that men typically have more debt in most categories. For example, men have 2% more credit card debt, 20% more personal loan debt, 16.3% more auto loan debt, and 9.7% more mortgage debt than women. The only category in which female consumers are worse off is student loan debt — according to research, women have 2.7% more of it than men.
(Bankrate)
At $146,164, Gen-Xers hold the highest average debt in the US.
Looking at the average debt by age, Gen-Xers (aged 40–55) held $146,164 in debt per person in 2021. Millennials (aged 24–39) ranked second with an average debt of $100,906, while baby boomers (aged 56–74) placed third with $95,607 on average. The oldest consumers — dubbed “the silent generation” (aged 75 and over) — placed fourth with $39,859. As the youngest group of consumers, Gen-Zers (aged 18–23) held the smallest average debt at $20,803 per person.
(Statista)
72% of US millennials carry some form of non-mortgage consumer debt.
Consumer debt data from a 2022 survey shows that US millennials may owe an average of $117,000 per person. Credit card debt is by far the most common among this age group, with 67% admitting they have it. The survey also reveals that 41% of millennials feel pessimistic about their finances. And while 37% regret not saving more, 32% feel bad about acquiring debt, another 32% about not investing sooner, and 24% about not choosing a more lucrative career.
(Real Estate Witch)
At $206,300, Asian Americans have the highest average household debt.
According to 2020 data, Asian American households have the highest average debt — much higher than households with members of other ethnicities. For comparison, White households average $137,800, and Hispanic households have an average debt of $115,600. Finally, Black households average $90,100, while all other ethnicities have a household debt of $102,900.
(US Census Bureau)
The top 1% of earners in the US hold $1.51 trillion in consumer debt.
National consumer debt statistics from Q2 of 2022 show that people in the 80th–99th income percentile hold $7.58 trillion in debt — the largest share (42.1%) of the $18 trillion total recorded in that quarter. Meanwhile, consumers in the 60th–79th income percentile owe $4.18 trillion, those in the 40th–59th percentile have a debt of $2.49 trillion, and people in the 20th–39th percentile owe $1.5 trillion. Finally, the bottom 20% of US earners combined owe $740 billion.
(The Federal Reserve)
At $159,957, the District of Columbia had the highest average debt in 2021.
According to consumer debt facts, the list of states with the highest average consumer debt in 2021 also includes Colorado ($140,327), Hawaii ($138,274), California ($137,301), Washington ($136,170), Maryland ($126,687), Utah ($122,474), Virginia ($122,273), and Massachusetts ($120,370). Meanwhile, Mississippi ($60,615), West Virginia ($60,097), Kentucky ($68,685), Arkansas ($69,010), and Oklahoma ($70,196) are the five states with the lowest average debt.
(Experian)
Average American Debt by Type
As of Q3 of 2022, mortgage debt in America totaled $11.67 trillion.
The number above represents a 2.46% increase from the $11.39 trillion recorded in the year’s previous quarter and accounts for 70.7% of the total household debt in Q3 of 2022. Compared to Q3 of 2021, the total mortgage debt had gone up by an entire $1 trillion in just one year. In 2021, the average per-person mortgage balance in the US stood at $220,380 — a 5.87% increase from $208,185 in 2020 and 13.54% higher than the 2017 average of $194,099.
(Federal Reserve Bank of New York, Experian)
Student loan debt in the US totaled $1.77 trillion in Q3 of 2022.
Consumer credit data reveals that student loan debt is the consumer debt type with the highest total balance after mortgages. Despite the White House freezing student loan defaults and launching a debt forgiveness initiative, the total value of the national student debt still saw a 1.63% increase from $1.74 trillion, which is where it stood in Q3 of 2021. According to the latest data, 45 million American adults — or 13.6% of the country’s population — have student debt.
(The Federal Reserve, The Washington Post)
As of Q3 of 2022, Americans owed $1.52 trillion in auto loan debt.
Outstanding auto loan balances have increased each quarter over the last three years. The Q3 number marks a 1.33% increase over the year’s second quarter, when the total stood at $1.5 trillion. Compared to the $1.44 trillion in Q3 of 2021, the total went up by 5.34%. Interestingly, 2021’s third quarter also saw the average auto loan balance reach an all-time high of $20,987.
(Trading Economics, Experian)
As of Q3 of 2022, Americans owed $925 billion in credit card debt.
Consumer credit card debt statistics point to a $38 billion (4.28%) increase over the previous quarter. Compared to the same quarter last year, the number has gone up by 15%, which is the highest recorded year-over-year increase in credit card debt in more than two decades. The latest data reveals that 54% of Americans have debt on at least one credit card. According to Forbes’ latest estimates, the average US adult’s credit card debt currently stands at $6,004.
(Federal Reserve Bank of New York, Forbes)
Personal loan debt in the US reached $210 billion in Q3 of 2022.
The total represents an all-time high and marks a staggering 34% increase from 156.7 billion in Q3 of 2021. Analysts attribute this growth to an increase in consumer loan approvals for people with subprime credit following the global pandemic. American adults currently have 26.4 million outstanding personal loans — a 22.2% increase from 21.6 million in the year’s second quarter.
(Investopedia)
More Data on the Increasing Consumer Debt
The US household debt in Q2 of 2022 equaled 75.6% of the country’s GDP.
Despite the steady increase in household debt in recent years, its ratio relative to the country’s GDP has been declining since reaching its latest peak of 80% in Q1 of 2021, at the height of the global pandemic. Experts attribute this decline to the continuous growth of the gross domestic product in the US. The numbers are now nearing the pre-pandemic levels; the most recent low was recorded in Q1 of 2020, when the country’s household debt equaled 74.8% of its GDP.
(Trading Economics)
At 1.38, Utah and Alaska have the highest average debt-to-income ratio.
Any ratio above 1 indicates that the state’s per-capita debt exceeded its per-capita personal income. According to 2021 data, New Jersey (1.35), Hawaii (1.32), Massachusetts (1.29), Colorado (1.29), Arizona (1.27), Nevada (1.22), Virginia (1.18), and the District of Columbia (1.14) all rank among the states with the highest debt-to-income ratio. On the other hand, New Mexico (0.58), West Virginia (0.58), and Maine (0.60) have the lowest debt-to-income ratio.
(Credit Karma)
Consumer credit delinquencies could reach a 13-year high in 2023.
A recent study predicted that the US will see a huge spike in debt delinquencies — the number of people who are late with repayments — in 2023. Following a year in which Americans took out a record-high 87.5 million new credit cards, delinquencies could go up from 2.1% to 2.6%. Similarly, delinquencies on unsecured personal loans are projected to rise from 4.1% to 4.3%, while late payments on auto loans will reach 1.95% before dropping to 1.9% by the year’s end.
(Reuters)
Consumer Debt Stats: The Takeaway
Though the global pandemic and the resulting financial crisis may have made people rethink their spending habits, any positive economic impact was short-lived. As of Q3 of 2022, millions of Americans are taking on more and more consumer debt, bringing the total to $4.7 trillion. With mortgages added to the mix, the total debt in the United States rises to $16.51 trillion.
Consumer debt statistics show that all types of debt — from student and auto loans to credit cards and personal loans — have seen sizable increases in the last year alone and are bound to keep growing. Moreover, after a year in which US consumers took out new credit products in record numbers, analysts predict a massive surge in consumer loan delinquencies in 2023.
Consumer Debt FAQ
How high is consumer debt currently?
As of Q3 of 2022, the total consumer debt in the US — excluding mortgages — was valued at $4.7 trillion. Of the total sum, non-revolving debt accounted for $3.54 trillion, while revolving debt accounted for the remaining $1.16 trillion.
(The Federal Reserve)
What is the average consumer debt?
The average consumer debt in 2021 totaled $23,325 — a 12.38% decrease from $26,621 in 2020. However, this number excludes mortgages and other real estate-related expenses. With mortgages taken into account, the average per-person debt in 2021 was $96,371.
(The Motley Fool, Experian)
Which generation has the most debt?
At $146,164, Gen-Xers (aged 40–55) held the highest average debt in 2021. Millennials (aged 24–39) were second at $100,906, and baby boomers (aged 56–74) ranked third at $95,607.
(Statista)
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