In the third quarter of 2023, household debt in the United States amounted to over 75 percent of its GDP. It can be generally observed that U.S. households are more indebted by the end of the year than in any other quarter. The debt of households peaked in the last quarter of 2020, reaching the highest value since 2013.
Debt to GDP ratio
As it can be observed here, the household debt to GDP ratio decreased overall in the recent years. The steady growth of the gross domestic product in the United States could be a factor explaining this tendency. If the volume of debt grows at a slower pace than the GDP, the debt to GDP ratio would decrease. In addition to that, the overall value of mortgage debt in the U.S., which is the most significant component of the household debt, decreased from 2012 to the third quarter of 2014, but it has rebounded since then.
Public debt in the U.S.
Public debt in the United States, which is the amount of money borrowed by the government to finance budget deficits, has been increasing almost every single year. Not only that, but according to that forecast it is also expected to keep increasing during the coming years. The major holders of American government debt, as of December 2022, were Federal Reserve and government accounts and foreign and international holders. The ratio of national debt to GDP of the United States was higher than that of other major economies, but lower than that of Japan. Some of the lowest debt to GDP ratios were observed in Hong Kong SAR, Kuwait, and Turkmenistan.
Household debt to GDP ratio in the United States from 3rd quarter 2011 to 3rd quarter 2023
Characteristic
Household debt to GDP ratio
Q3 2023
75.24%
Q2 2023
74.68%
Q1 2023
74.06%
Q4 2022
78.25%
Q3 2022
77.38%
Q2 2022
76.09%
Q1 2022
74.69%
Q4 2021
80.71%
Q3 2021
79.02%
Q2 2021
77.51%
Q1 2021
74.42%
Q4 2020
81.57%
Q3 2020
80.32%
Q2 2020
79.13%
Q1 2020
79.12%
Q4 2019
77.67%
Q3 2019
76.76%
Q2 2019
75.81%
Q1 2019
74.86%
Q4 2018
77.8%
Q3 2018
77.16%
Q2 2018
76.33%
Q1 2018
75.7%
Q4 2017
79.54%
Q3 2017
78.53%
Q2 2017
77.76%
Q1 2017
76.96%
Q4 2016
79.86%
Q3 2016
79.31%
Q2 2016
78.37%
Q1 2016
77.64%
Q4 2015
79.66%
Q3 2015
79.59%
Q2 2015
78.92%
Q1 2015
78.21%
Q4 2014
81.24%
Q3 2014
80.84%
Q2 2014
80.88%
Q1 2014
80.47%
Q4 2013
83.87%
Q3 2013
82.84%
Q2 2013
82.51%
Q1 2013
82.38%
Q4 2012
85.55%
Q3 2012
85.73%
Q2 2012
85.65%
Q1 2012
85.82%
Q4 2011
89.8%
Q3 2011
89.83%
Q2 2011
89.9%
Q1 2011
90.21%
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St. Louis Fed. (January 2, 2024). Household debt to GDP ratio in the United States from 3rd quarter 2011 to 3rd quarter 2023 [Graph]. In Statista. Retrieved July 27, 2024, from https://www.statista.com/statistics/248283/household-debt-ratio-to-gdp-in-the-united-states/
St. Louis Fed. "Household debt to GDP ratio in the United States from 3rd quarter 2011 to 3rd quarter 2023." Chart. January 2, 2024. Statista. Accessed July 27, 2024. https://www.statista.com/statistics/248283/household-debt-ratio-to-gdp-in-the-united-states/
St. Louis Fed. (2024). Household debt to GDP ratio in the United States from 3rd quarter 2011 to 3rd quarter 2023. Statista. Statista Inc.. Accessed: July 27, 2024. https://www.statista.com/statistics/248283/household-debt-ratio-to-gdp-in-the-united-states/
St. Louis Fed. "Household Debt to Gdp Ratio in The United States from 3rd Quarter 2011 to 3rd Quarter 2023." Statista, Statista Inc., 2 Jan 2024, https://www.statista.com/statistics/248283/household-debt-ratio-to-gdp-in-the-united-states/
St. Louis Fed, Household debt to GDP ratio in the United States from 3rd quarter 2011 to 3rd quarter 2023 Statista, https://www.statista.com/statistics/248283/household-debt-ratio-to-gdp-in-the-united-states/ (last visited July 27, 2024)
Household debt to GDP ratio in the United States from 3rd quarter 2011 to 3rd quarter 2023 [Graph], St. Louis Fed, January 2, 2024. [Online]. Available: https://www.statista.com/statistics/248283/household-debt-ratio-to-gdp-in-the-united-states/