US Household Debt Surpassed Beyond $17.5 Trillion in 2023

In light of the data released last week, household debt in the United States has risen to $17.5 trillion by the end of 2023.

According to the Household Debt and Credit Report prepared by the Federal Reserve Bank of New York, mortgage debt constitutes about 70% of household debt. Additionally, student loans and auto loans stand out as significant categories where American citizens carry the most debt.

On the other hand, credit card debts have also increased to $1.16 trillion, showing a yearly growth of 6.36%.

Source: Federal Reserve Bank of New York