Household Debt Rises to $17.69 Trillion

Household debt rose by $184 billion (1.09%) to $17.69 trillion in Q1 2024. The increase in debt this quarter was largely driven by mortgage and auto loan balances. Meanwhile, credit card balances declined, as is typical for the first quarter.

Mortgage balances increased $190 billion (1.55%) to $12.442 trillion. Auto loan balances increased $9 billion (0.56%) to $1.616 trillion. Balances on home equity lines of credit increased $16 billion (4.44%) to $376 billion. Credit card balances decreased $14 billion (1.24%) to $1.115 trillion. Student loan balances decreased $5 billion (0.37%) to $1.595 trillion.. All other debt decreased $11 billion (1.99%) to $543 billion.

The chart below shows the total debt balance nationwide by composition in trillions of dollars. The current total is $17.69T, 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 $18.42T peak in January 2009.