U.S. Consumer Debt Climbs to $17.3 Trillion

By Felix Richter

According to the New York Fed’s Quarterly Report on Household Debt and Credit, total household debt in the United States grew by $228 billion in the third quarter of 2023, to reach an all-time high of $17.3 trillion, at least in nominal terms. The increase was mainly driven by mortgage, credit card and student loan balances, which increased $126, $48 and $30 billion, respectively, with credit card debt growing the fastest in relative terms at nearly 5 percent compared to the previous quarter and 16.6 percent year-over-year.