U.S. Personal Debt - Statistics & Facts

Personal debt, a term similar to consumer debt, is used in economics to denote the outstanding debt of consumers as opposed to businesses of governments. Unlike public and business debt, personal debt is amassed primarily through consumption rather than investment. It includes debts incurred through the purchase of goods that do not appreciate value and are consumable. Debt held by the U.S. public has dramatically risen since 2008, but is set to stabilize from 2018 until 2028.

Many economists advocate the power of personal debt to fuel economic expansion. With the availability of cheap credit and increased demand for consumer goods, consumers can help to increase domestic production and economic growth. However, as the household debt ratio to GDP in the United States shows, talking in macroeconomic terms creates distance to the personal tragedies that result from excessive debt, often having their beginnings in high debt payment to income ratio.

There are various sources of debt in the United States, but mortgages and credit card debt were the predominant sources in 2018. Credit card debt is one of the worst types of debt due to the high interest rates, which makes it harder to pay off. However, only 36.4 percent of Americans completely paid off their credit card balance every month in 2017.

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U.S. public debt as share of GDP

77.8%

Total amount of student loans in the U.S.

105.5bn USD
Overview
U.S. public debt as share of GDP 77.8% U.S. household debt as share of GDP 80.1% Liability level of credit market instruments of households and NPOs in the U.S. 15.63tr USD Consumer credit debt of households and NPOs in the U.S. 3.89 bn USD Home mortgage debt of households and NPOs in the U.S. 10.2tr USD Share of U.S. non-performing loans held by banks 1.02%
Student debt
Total amount of student loans in the U.S. 105.5bn USD Share of U.S. student loans granted by Federal Subsidized Loans 20% Number of recipients of Federal Education Tax Benefits in the U.S. 13.2m Amount of federal loans provided to undergraduate students 56.1bn USD
Attitudes towards debt
Share of Americans with more than 100,000 U.S. dollars debt 14% Main sources of debt for American consumers Mortgage and credit card bills Share of American who view mortgages as "good debt" 53% Share of Americans who pay off credit card balance every month 36.4%

Personal debt in the United States - Important statistics

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Personal debt in the United States
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The whole topic in one document

Personal debt in the United States
  • Edited and prepared
  • Download in PPT/PDF format
  • Instant access
  • From $365
View dossier
Overview
U.S. public debt as share of GDP 77.8% U.S. household debt as share of GDP 80.1% Liability level of credit market instruments of households and NPOs in the U.S. 15.63tr USD Consumer credit debt of households and NPOs in the U.S. 3.89 bn USD Home mortgage debt of households and NPOs in the U.S. 10.2tr USD Share of U.S. non-performing loans held by banks 1.02%
Student debt
Total amount of student loans in the U.S. 105.5bn USD Share of U.S. student loans granted by Federal Subsidized Loans 20% Number of recipients of Federal Education Tax Benefits in the U.S. 13.2m Amount of federal loans provided to undergraduate students 56.1bn USD
Attitudes towards debt
Share of Americans with more than 100,000 U.S. dollars debt 14% Main sources of debt for American consumers Mortgage and credit card bills Share of American who view mortgages as "good debt" 53% Share of Americans who pay off credit card balance every month 36.4%

Recommended statistics

U.S. public debt and forecast as a percentage of the GDP 2000-2029
Credit market debt of households and nonprofit organizations in the U.S. 1960-2018
Household debt service payments as a share of disposable income in the U.S. 2011-2018
Value of debt owned by consumers in the U.S. 2018, by type
Main source of debt among consumers in the U.S. 2017-2018
Time consumers expect to remain in debt in the U.S. 2018

Infographics on the topic

Personal Debt in the U.S. Infographic - One Third of Americans Have More Credit Debt Than Savings
The U.S. States With The Most People In Debt distribution of assets debt and net worth in the United States

Infographics on the topic

Personal Debt in the U.S. Infographic - One Third of Americans Have More Credit Debt Than Savings
The U.S. States With The Most People In Debt distribution of assets debt and net worth in the United States

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