U.S. Household Debt Surges to USD18.8T
The October-December period saw total consumer obligations swell by $191 billion compared to the third quarter, while year-over-year comparisons revealed a staggering $740 billion surge in outstanding balances.
Home financing remained the dominant component of American consumer debt, reaching $13.2 trillion in the fourth quarter. Mortgage balances expanded $98 billion from the July-September period and jumped $565 billion when measured against the same quarter in 2023.
Automobile financing ranked as the second-largest debt category at $1.67 trillion, followed closely by educational loans at $1.66 trillion and revolving credit card obligations at $1.28 trillion.
Quarter-over-quarter growth patterns showed vehicle loan debt advancing by $12 billion, while student debt increased $11 billion during the same timeframe. Credit card balances posted the sharpest quarterly acceleration, ballooning by $44 billion.
Delinquency trends deteriorated across the final quarter of 2024, with 4.8% of total outstanding obligations classified as delinquent in some capacity—signaling growing financial stress among American borrowers.
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