Household accounts - Household debt - OECD Data (2024)

FAQs

What percentage of GDP is household debt? ›

United States Household Debt: % of GDP

United States household debt accounted for 63.8 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 64.0 % in the previous quarter. US household debt to GDP ratio is updated quarterly, available from Mar 1999 to Mar 2024.

The New York Fed's quarterly Household Debt and Credit Survey (HHDC) shows that total consumer debt stands at $17.987 trillion as of the first quarter of 2024. That's a record high. According to Experian, average total consumer household debt in 2023 is $104,215.

The household debt service ratio edged above 15% in the third quarter of 2023 on higher borrowing and slower income growth. At the same time, debt servicing is increasingly focused on interest payments, as opposed to paying down principals.

What was Australia's Debt Service Ratio: Households in Sep 2023? Australia Debt Service Ratio: Households was reported at 19.300 % in Sep 2023 See the table below for more data.

The household debt-to-income ratio combines non-financial and financial accounts data. It is defined as the ratio of households' debt arising from loans, recorded at the end of a calendar year, to the gross disposable income earned by households in the course of that year.

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more. The exact definition of debt free can vary, though, depending on whom you ask.

The 28/36 rule states that no more than 28% of a household's gross income should be spent on housing and no more than 36% on housing plus other debt.

A debt ratio below 30% is excellent. Above 40% is critical.

Japan has the highest percentage of national debt in the world at 259.43% of its annual GDP.

What country does the US own the most debt to? ›

Nearly half of all US foreign-owned debt comes from five countries. All values are adjusted to 2023 dollars. As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).

The vast bulk of Swiss household debt is in the form of mortgages on real estate. There are a number of reasons for this: Switzerland has wealth taxes. Debt can be deducted from taxable wealth, which makes carrying mortgage debt attractive from a tax perspective.

The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.

35% or less: Looking Good - Relative to your income, your debt is at a manageable level.

The report shows total household debt increased by $184 billion (1.1%) in the first quarter of 2024, to $17.69 trillion. The report is based on data from the New York Fed's nationally representative Consumer Credit Panel.

The United States' debt-to-GDP ratio at the close of fiscal year 2023 was 97 percent. While this figure is down slightly from 100 percent in 2020, a 74-year high, the nation's fiscal outlook is still on an unsustainable path.

U.S. Household Debt Is at an All-Time High

The total household debt of $17.3 trillion entering 2024 is a new high for the U.S.

United States External Debt accounted for 95.0 % of the country's Nominal GDP in 2023, compared with the ratio of 95.3 % in the previous year.

The average household had $103,752 in mortgage debt at the end of Q1 2024—$14,013 below the record. Auto loan debt decreased by $20 billion in Q1 2024—20% more than last year and the fourth consecutive first-quarter pay down.