Debt in the USA May 2024

The Household Debt and Credit Report (Q1 2024) was just published
Total US household debt increased by $190 billion
HOUSEHOLD DEBT

Total US household debt increased by $190 billion in Q1 2024, to a new record of $17.7 trillion, according to the NY Fed.

Here are the large categories:

Mortgage Debt $12.4 trillion
Auto Loans $1.6 trillion
Student Loans $1.6 trillion
Credit Card Debt $1.1 trillion
Total household debt in the USA is now up ~25% in 3 years.

On top of that the USA national debt is now 34.5 trillion — an increase of 55% from 22 trillion just 3 years ago.

That is an increase of 15.6% per year.


HOUSEHOLD DEBT PER PERSON (every man, woman, and child)

Basis: In 2024, the USA population is ~342 million people; the number of taxpayers is ~136 million.

Mortgage Debt $36,400
Auto Loans $4,730
Student Loans $4,660
Credit Card Debt $3,260
Total household debt is $51,800 per every man, woman, and child

NATIONAL DEBT

The USA national debt is now $100,900 per every man, woman, and child.

The USA national debt is now $254,000 per taxpayer

ALL IN

The total debt is now $152,600 per every man, woman, and child.

If you have a family of four — that’s about $610,000 !!

STATE DEBT

You may have additional debt, thanks to your state. Here in Texas the state debt is another $399 billion — or $13,300 per citizen.

In Texas there are 4 million food stamp recipients versus a population of 30.4 million — therefore, 13% of Texans are food stamp recipients.


REFERENCE

HOUSEHOLD DEBT AND CREDIT REPORT (Q1 2024)

U.S. National Debt Clock

The FRED® Blog: a lesson in measuring the federal debt

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