Living without debt has become increasingly difficult and sometimes overwhelming for American consumers. Total household debt rose to an average of $17.80 trillion in the second quarter of 2024, with credit card balances alone reaching a high of $1.14 trillion, according to the Federal Reserve Bank of New York.
Here’s a look at the average consumer debt held by Americans in 2024, broken down by age and gender as well as by type of debt.
American consumer debt in 2024
There are several types of consumer debt that contribute to the total debt that the average American carries. The term “consumer debt” generally refers to debt used to purchase goods and services for individual or household consumption, such as:
- Credit card debt.
- Mortgages.
- Home equity lines of credit (HELOCs).
- Auto loans.
- Student loans.
- Medical debt.
- Personal loans.
Total consumer debt balances increased to $17.1 trillion in 2023, according to Experian. This rose again to $17.80 trillion in 2024, per the Federal Reserve Bank of New York. This means that consumer debt balances increased by 9.86% over the past year.
Out of the various kinds of consumer debt, credit cards in particular…
