Inflation affects household debt picture

Inflation affects household debt picture

Inflation affects household debt picture

The Federal Reserve Bank of New York released its latest data on household debt, and WalletHub’s inflation-adjusted analysis revealed that U.S. households increased their debt by roughly $78 billion during Q3 2023. WalletHub adjusted the data for inflation to accurately show how debt compares to historical levels. Key highlights include

  • Face value. Household debt is at a record high ($17.3 trillion), but when adjusted for inflation, the total is 7% below its peak from 2008. 
  • Projection. U.S. households will end the year with $350-plus billion more debt than they started with, WalletHub projects. 
  • Household average. The average household owed a total of $145,319 at the end of Q3 2023, only $13,631 below WalletHub’s projected breaking point for household finances. 
  • Total debt-to-deposits ratio. The ratio between total household debt and deposits has been going down over the years, and it is still below pre-Covid levels as well as roughly 53% below the peak from the early 2000s. 
  • Total debt to assets. The ratio between total household debt and assets has been dropping steadily, reaching 9.8% in Q3 2023, which is about 42% below the peak.

To see the full results of WalletHub’s Household Debt Report, click here.

Published: November 13th, 2023

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