Astonishing Consumer Debt Statistics & Facts
According to multiple reports, the current inflation rates drove the prices of goods and services to the highest point in the last 40 years. With that in mind, it should be no surprise that consumer debt statistics show significant jumps in all types of secured and unsecured debt balances across the country. Check out the statistics below to learn more details about the current debt of US consumers.
Top 10 Consumer Debt Statistics and Facts
The total US household consumer debt reached $16.15 trillion in the second quarter of 2022.
Student loans account for the largest portion of 35.7% of the total US non-housing consumer debt.
The collective housing debt of Americans between 50 and 59 is $2.66 trillion.
As of Q2 of 2022, the share of US consumers with debt in collections is 6.31%.
7,240 of the US consumers who got their properties foreclosed in Q2 of 2022 were over 70 years old.
The average American household owes a total of $96,371 in consumer debt.
The Gen Zers’ average total debt of $20,803 is the lowest among all generations in the US.
Generation X Americans have the highest average credit card debt of $7,070.
American households with an income of less than $20,000 have a mean average consumer debt of $38,480.
77.7% of White families in the US report having debt.
General Consumer Debt Statistics
The total US household consumer debt reached $16.15 trillion in the second quarter of 2022.
The above figure indicates a 2%, or $312 billion, increase since the first quarter of the year and a $2 trillion increase from Q4 of 2019, the last quarter before the COVID pandemic. Mortgages account for the largest part of the debt, and after increasing by $207 billion in Q2, housing debt currently stands at $11.71 trillion. Non-housing debt, on the other hand, increased by $103 billion and reached $4.45 trillion in the same period. Consumer debt data shows that this is the largest increase in non-housing consumer debt since 2016.
(New York Fed)
Student loans account for the largest portion, or 35.7%, of the total US non-housing consumer debt.
According to the most recent data, student loan debt remained unchanged in the second quarter of 2022 and stood at $1.59 trillion from Q1. Furthermore, statistics show that auto loan debt has been on a rising trend since 2011, and after increasing by $33 billion in Q2 of 2022, it currently stands at $1.50 trillion. Consumer credit data indicates a $46 billion increase in credit card debt in the second quarter and a 13% year-over-year increase which is the highest recorded in the past 20 years. The current credit card debt in the US is $890 billion. Home equity lines of credit debt, on the other hand, only increased by $2 billion in Q2 of 2022 and reached $319 billion. Stats show that this is the first increase in HELOC debt after years of decline.
(New York Fed)
97.3% of the total consumer debt in the United States has a current delinquency status.
Consumer delinquent debt statistics show that the current delinquency percentage has remained at 97.3% for the past five quarters since Q2 of 2021. Additionally, 0.7% of the debt is 30 days late, 0.2% is 60 days late, 0.1% is 90 days, and 0.7% is more than 120 days late. The data also indicates that 1.1% of the debt is severely derogatory.
(New York Fed)
95,220 US consumers filed for bankruptcy in the second quarter of 2022.
With the 90,880 consumers who declared bankruptcy in the first quarter, the total number of consumers who filed for bankruptcy in 2022 reached 186,100. Current consumer debt statistics also show that 35,120 consumers got their properties foreclosed in Q2 of 2022. This number is notably higher than the 24,240 foreclosures in the first quarter and even more significantly higher than the 8,100 foreclosures in Q2 of 2022.
(New York Fed)
As of Q2 of 2022, the share of US consumers with debt in collections is 6.31%.
Statistics also show that the average collection amount is $1,239 per person. Data indicates that both the percentage of debtors in collections and the average collection amount have increased compared to the 6.04% and $1,219 in the first quarter of 2022.
(New York Fed)
Consumer Debt – Statistics by Age
$4.11 trillion worth of consumer debt is owed by Americans aged between 40 and 49.
Data suggests that the heaviest load of consumer debt in the United States is carried by people in their 40s, followed by debtors between 50 and 59 who collectively owe $3.61 trillion. Americans in their 30s owe $3.55 trillion, while the debt owed by consumers between 60 and 69 is $2.38 trillion. Naturally, the oldest and the youngest consumers owe the smallest portions of the debt. US consumer debt statistics show that Americans over 70 collectively owe $1.40 trillion, while consumers between 18 and 29 owe $1.09 trillion.
(New York Fed)
Americans between 18 and 29 owe $480 billion in mortgages.
Additionally, stats show that the youngest consumers in the US also face $330 billion in student loans, $190 billion in auto loans, and $60 in credit card debt. Furthermore, the mortgage debt for Americans in their 30s is $2.44 trillion, while their student loan debt is $510 billion. They also collectively owe $340 billion in auto loan debt, $160 billion in credit card debt, and $20 billion in HELOC debt. Finally, consumer debt figures for the most indebted age group, or consumers between 40 and 49, show that their collective housing debt is $3.04 trillion. In addition, Americans in their 40s owe $360 billion in student loans, $350 billion in auto loans, $190 billion in credit card debt, and $60 billion in HELOC debt.
(New York Fed)
The collective housing debt of Americans between 50 and 59 is $2.66 trillion.
Moreover, US consumers in their 50s also collectively owe $310 billion in auto loans, $240 billion in student loans, $200 billion in credit card debt, and $80 billion in HELOC debt. Furthermore, consumer debt stats on Americans in their 60s show that their collective mortgage debt is $1.75 trillion, while their auto loan debt is $200 billion. Additionally, consumers from this age group also owe $160 billion in credit card debt, $110 billion in student loans, and $80 billion in HELOC debt. Lastly, US consumers over 70 owe $1.03 trillion in mortgages, $120 billion in credit card debt, $100 billion in auto loans, $70 billion in HELOC debt, and $30 billion in student loans.
(New York Fed)
1.32% of Americans between 18 and 29 have debt with a serious delinquency status.
According to consumer debt facts, serious delinquency refers to debt that is overdue for at least 90 days. The latest US debt statistics show that the youngest age group has the highest percentage of consumers with such delinquency status. In comparison, 0.86% of consumers in their 30s, 0.89% in their 40s, 0.70% in their 50s, 0.69% in their 60, and 0.81% of consumers over 70 are seriously delinquent with their payments.
(New York Fed)
7,240 of the US consumers who got their properties foreclosed in Q2 of 2022 were over 70 years old.
Statistics on consumer debt further reveal that another 7,220 of these Americans were between 50 and 59, while 7,160 were between 40 and 49. Additionally, 6,040 of the debtors who went under foreclosure were in their 30s, 5,960 were in their 60s, and only 1,380 were between 18 and 29. Furthermore, the largest number of debtors who filed for bankruptcy in Q2 of 2022, or 22,020, were between 40 and 49, while 21,960 were between 50 and 59 years old. 18,780 of the newly bankrupted consumers were in their 30s, 14,620 were in their 60s, 8,460 were over 70, and 7,560 were between 18 and 29.
(New York Fed)
Average American Debt Statistics
The average American household owes a total of $96,371 in consumer debt.
According to the statistics from Q3 of 2021, US families with housing debt owe an average of $220,380 in mortgages. Moreover, the average HELOC debt balance is $39,556, while the average student loan debt owed by American households is $39,487. The average auto loan debt balance stands at $20,987, the average credit card debt balance is $5,221, and the average debt balance for other types of personal loans is $17,064.
(Experian)
US households in the District of Columbia have the highest average consumer debt at $159,957.
Statistics on the average household debt in America show that the top five states with the highest average consumer debt in the US are Colorado ($140,327), Hawaii ($138,274), California ($137,301), Washington ($136,170), and Maryland ($126,687). On the other end of the spectrum, the bottom five are Mississippi ($60,615), West Virginia ($60,907), Kentucky ($68,685), Arkansas ($69,010), and Ohio ($70,747).
(Experian)
Gen Zers’ average total debt of $20,803 is the lowest among all generations in the US.
Data on the average debt by age further reveals that Americans from the Silent Generation have the second lowest average total debt of $39,859. Interestingly, the average total debt of Baby Boomers and Millennials is very close, at $95,607 and $100,906, with the younger Americans having a slightly higher average. Finally, Gen Xers have the highest average total debt of all generations in the US, with $146,164.
(Experian)
The average American Millennial has a mortgage debt of $261,225.
Debt by generation statistics show that as of 2021, Millennials have the highest average mortgage debt, slightly edging Gen Xers, whose average mortgage debt is $259,437. Furthermore, according to the data on US consumer debt, Gen Zers have an average mortgage debt of $192,224 even though they only account for 1% of the borrowers. Older consumers such as Baby Boomers have an average mortgage debt of $182,247, while Silent Generation Americans owe an average of $135,162.
(Experian)
Generation X Americans have the highest average credit card debt of $7,070.
In addition, Gen Xers also have the highest average auto loan debt, at $23,855, and the highest average student loan debt, at $46,317, among all generations in the United States. US consumer credit statistics further reveal that Baby Boomers owe an average of $5,804 of credit card debt, $19,972 of auto loan debt, and $42,351 on student loans. Millennials have lower average credit card and student loan debts than Baby Boomers, at $4,576 and $40,247, though their average auto loan debt is slightly higher at $20,855. Next, Silent Generation Americans have an average credit card debt of $3,177, student loan debt of $29,492, and auto loan debt of $15,063. Finally, Gen Zers have the lowest average credit card and student loan balances at $2,282 and $18,878, but the second lowest average auto loan debt at $17,241.
(Experian)
The average consumer debt of Americans with a poor FICO score (300-579) is $33,375.
Naturally, the average consumer debt increases in parallel with the credit scores of the consumers. Namely, Americans with a fair credit score (580-669) have an average consumer debt of $62,179, while those with a good credit score (670-739) owe $91,531 on average. Moreover, data on consumer credit shows that debtors with very good credit scores (740-799) have an average debt of $105,492, and those with exceptional scores (800-850) have the highest average consumer debt of $139,280.
(Experian)
With $11,277, Alaska is the state with the highest average household credit card debt in the US.
Additionally, the average household credit card debt in Alaska grew by $770 in 2022, which is the highest growth recorded this year. Furthermore, Hawaii has the second highest average household credit card debt in the country, with $10,190, while Virginia is in third place with $9,176. Average household debt statistics also show that Maryland with $9,120 and Connecticut with $9,088 round up the top five states.
(CNBC)
The average student loan debt in New Hampshire is $39,928.
Stats on consumer debt reveal that the top three states with the highest student loan debt in the US are pretty close. Besides New Hampshire, consumers from Delaware owe an average of $39,705, while those from Pennsylvania owe $39,375 in student loan debt on average. Furthermore, data on consumer loans shows Rhode Island and Connecticut in the top five, with averages of $36,791 and $35,853. On the other end, the average student loan in Utah is $18,344, making it the lowest in the country.
(TICAS)
American households with an income of less than $20,000 have a mean average consumer debt of $38,480.
The latest available statistics further reveal that households within the $20,000 and $39,999 income range owe a mean average debt of $57,270. Furthermore, average debt to income ratio data shows that households with a yearly income of between $40,000 and $59,999 owe a mean average of $86,880, while those with $60,000 and $79,999 owe $142,360. Moreover, the mean average debt of families with earnings between $80,000 and $89,999 is $227,130, and finally, those who earn between $90,000 and $100,000 owe a mean average of $422,420.
(Federal Reserve)
77.7% of White families in the US report having debt.
Similarly, 72.2% of Hispanic and 74% of Black American households report having debt as well. However, National consumer debt statistics show that while the percentages of US households from all ethnicities are very close, the median debt-to-asset ratio of White Americans is by far the lowest, at 29.5%. In contrast, Hispanic and Black families have significantly higher median debt-to-asset ratios, at 46.2% and 46.8%, respectively. Additionally, while 6,5% of White families have debt payments exceeding 40% of their income, 8% of Black and 12.7% of Hispanic families are in the same circumstances.
(EBRI)
FAQs on Consumer Debt Statistics
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The Summary
While it is true that consumer debt always tends to grow, the recent numbers should use as a wake-up call to many. The US economy was quick to deal with the issues from the recent recession caused by the COVID-19 pandemic, but the latest trends show new challenges are on the horizon. Alongside debt balances, delinquency levels are growing as well, while foreclosures are slowly climbing to unfortunate rates.
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