Household Debt Sees Slight Uptick

Household Debt Sees Slight Uptick

Household Debt Sees Slight Uptick

The Federal Reserve Bank of New York released new data on household debt, and WalletHub's inflation-adjusted analysis revealed that while U.S. households owe a record amount in absolute terms ($17.80 trillion) as of Q2 2024, inflation-adjusted total debt barely changed during Q2, increasing by just 0.03% compared to the previous quarter.

WalletHub's Household Debt Report adjusts data for inflation to provide an accurate comparison against historical levels. You can find key highlights below:

  • Q2 results. Total household debt increased by $5 billion during Q2 2024 in contrast to a decrease of $174 billion in Q2 2023.
  • Household average. The average household owed a total of $148,266 at the end of Q2 2024, which is $13,868 below the all-time high.
  • Total debt-to-deposits ratio. Despite increasing recently, the ratio of total household debt to deposits indicates consumers are in good shape as it's still below pre-Covid levels and roughly 46% lower than its early 2000s peak.
  • Total debt-to-assets ratio. The ratio between total household debt and assets continues to be at a very healthy level of around 9.8%.

"U.S. households failed an important test during the second quarter of 2024, adding $5 billion in inflation-adjusted debt to break a streak of four consecutive years with declining household debt from Q1 to Q2," said John Kiernan, WalletHub editor. "Increasing debt, stubborn inflation, and record high interest rates give consumers a lot of headwinds as we try to navigate the third and fourth quarters of the year when we traditionally rack up the most debt."

Published: August 12th, 2024

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