Total consumer debt in the US rose by $148 billion to a new record $17.04 trillion in the first quarter of 2023. Contrary to the usual pattern of balance decreases in the first quarters, credit card balances reached a record high of $986 billion, defying expectations. Mortgage debt, which accounts for more than 70% of total debt, increased by $121 billion to $12.04 pushed by higher mortgage rates. Still, new mortgage originations, including refinancings, totaled just $323.5 billion, the lowest level since the Q2 of 2014, and 62% below the same period a year ago. Student loan debt edged higher by $9 billion to $1.6 trillion and auto debt was up by 93 billion to $1.56 trillion. Also, total delinquency rates rose to 3%, the highest since Q3 of 2020. There has been an increase in the proportion of debt that has become delinquent, indicating a delay of at least 30 days in payment, across various loan categories such as credit cards and auto debt. source: Federal Reserve Bank of New York
Debt Balance Total in the United States averaged 12.16 Trillion USD from 2003 until 2023, reaching an all time high of 17.05 Trillion USD in the first quarter of 2023 and a record low of 7.23 Trillion USD in the first quarter of 2003. This page includes a chart with historical data for the United States Debt Balance Total. United States Debt Balance Total - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.