Consumer Debt Continues to Climb Higher

Components of Household Debt and Credit 

  • According to the Federal Reserve Bank of New York’s quarterly report for Q4 2023, Total Outstanding U.S. Household Debt and Credit increased $212 billion from $17.29 trillion in Q3 2023 to $17.50 trillion in Q4 2023.
  • The chart below explains the different components of Household Debt and Credit. The largest component of Debt and Credit was Mortgage Debt, which increased $110 billion from $12.14 trillion in Q3 2023 to $12.25 trillion in Q4 2023.

Housing Debt vs Non-Housing Debt 

  • The chart below shows a different breakdown of the composition of debt into Housing Debt vs Non-Housing Debt. Housing Debt hit record levels in Q4 2023 at $12.25 trillion compared to $12.14 trillion in Q3 2023. Non-Housing Debt hit $5.25 trillion in Q4 2023 compared to $5.15 trillion in Q3 2023.

Delinquency Rates 

  • The next chart outlines Serious Delinquency Balances (90+ days) by loan type for the following categories: Auto, Credit Card, HELOC, Mortgage, Student Loans and Other.
  • In Q4 2023, Serious Delinquencies (as measured by 90+ days of delinquency) increased in the majority of loan categories, with the exception of Student Loans and HELOCs, both declined compared to the prior quarter. The largest loan category with 90+ day delinquencies was Credit Cards at 9.74%, followed by Other at 7.85% and Auto at 4.17%. 

Credit Card Debt 

  • The final chart shows Credit Card Debt in the U.S. from 2003 to 2023. In Q4 2023, Credit Card Debt reached a peak at $1.13 trillion, up 5% from $1.08 trillion in Q3 2023.

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