American Households With Record High Debt, Motley Fool Ascent Finds

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American households are carrying an average of $104,215 in debt as of Q2 2024, amounting to $17.796 trillion total, Motley Fool Ascent, Alexandria, Va., found.

The study drew on data from Experian, the Federal Reserve, the U.S. Census Bureau and other industry sources.

The overall debt burden stands at a record high, and has increased by more than $2.5 trillion since 2020.  

The most recent data points to mortgage debt playing a heavy role–for households that carry a mortgage, it comprised 70% of their debt in 2023. The average mortgage debt was $244,498.

Credit card debt also factors in, with a total of $1.142 trillion in Q2 2024–amounting to an average balance of $6,501 per cardholder in Q3 2023.

The delinquency rate of credit cards continues to grow, with 9.1% of credit card balances delinquent by 30 days or more over the past year as of Q2. That’s up from 8.9% in Q1 and 7.2% year-over-year.

Total revolving home equity debt was at $380 billion in Q2; there was an average of $42,139 in 2023.

Total auto loan debt stood at $1.626 trillion in Q2, with an average of $24,035 in Q1. Per Transunion data, 3.53% of auto loans were 30 days or more past due in June 2024, up from 3.33% year-over year.

Average unsecured loan debt per consumer in Q1 was $11,829, flat year-over-year. It stood at $11,281 in Q1 2023. In June 2024, 4.6% of unsecured personal loans were delinquent by 30 days or more past due, down from 5% in June 2023.