Household Debt Rises to $17.50 Trillion

Household debt rose by $212 billion (1.23%) to $17.50 trillion in Q4 2023. All debt categories increased from the previous quarter for a second straight quarter. The increase in debt this month was largely driven by mortgage, credit card, and auto loan balances.

Mortgage balances increased $112 billion (0.92%) to $12.25 trillion. Credit card balances increased $50 billion (4.63%) to $1.13 trillion. Auto loan balances increased $12 billion (0.75%) to $1.61 trillion. Student loan balances increased $2 billion (0.13%) to $1.60 trillion. Balances on home equity lines of credit increased $11 billion (3.15%) to $360 billion. All other debt increased $25 billion (4.73%) to $554 billion.

The chart below shows the total debt balance nationwide by composition in trillions of dollars. The current total is $17.50T, well exceeding the 2008 peak.

Here is a look at the inflation-adjusted picture using the CPI. When adjusting for inflation, the household debt balance drops just below the $18.32T peak in January 2009.