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 2016 until 2026.

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 credit card debt was the predominant source in 2016. It's one of the worst types of debt due to the high interest rates, which makes it harder to pay off. A 2015 survey found that almost 70 percent of people prefer to be paid back in cash when sharing expenses with someone.

Read more

Personal debt in the United States - Important statistics

The whole topic in one document

Personal debt in the United States
  • Edited and prepared
  • Download in PPT/PDF format
  • Instant access
  • From $365

The whole topic in one document

Personal debt in the United States
  • Edited and prepared
  • Download in PPT/PDF format
  • Instant access
  • From $365

Recommended statistics

Infographics on the topic

Personal Debt Infographic - 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 Infographic - The U.S. States With The Most People In Debt
distribution of assets debt and net worth in the United States

Other studies on the topic

More interesting topics from the industry "Banks & Financial Services"

More interesting topics from the industry "Banks & Financial Services"

About Statista

Learn more about how Statista can support your business.

Request webinar

Any more questions?

Any more questions?

Get in touch with us quickly and easily. We are happy to help!

Get in touch with us quickly and easily. We are happy to help!

Do you still have questions?

Feel free to contact us anytime using our contact form or visit our FAQ page.

4 News

We use cookies to personalize contents and ads, offer social media features, and analyze access to our website. In your browser settings you can configure or disable this, respectively, and can delete any already placed cookies. For details, please see your browser’s Help section (by pressing F1). Please see our privacy statement for details about how we use data.