Credit cards were the fourth-highest source of US consumer debt as of 2024

See the growth of US consumer debt

Americans reached an all-time high debt burden in 2024. Data compiled from The Kaplan Group shows the evolution of auto loans, mortgages, credit card debt, and student loans from 2003 to 2023, and finds that after a brief decline after 2008, the total debt burden grew rapidly.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

The average US household carries $105,056 in total debt

This article breaks down the average household debt by category, including credit card debt ($6,523), personal loans ($11,274), and more.

Why Americans are drowning in credit card debt

Americans owe more than $1T to credit card companies. And with rising interest rates that prevent cardholders from paying down debt (not to mention the rising cost of living), that number is likely to keep growing. A podcast episode explains how the US got here, and what policymakers and individuals can do about it.

Roughly 43 million Americans hold a cumulative $1.6T in federal student debt

About 43 million Americans hold a cumulative $1.6T in federal student debt. That's more than the country's combined credit card balance, according to data from in the first quarter of the year 2024.

In 2024, 74% of homebuyers took out a mortgage

Debt owed on mortgages made up about 70% of US consumer debt as of 2025. Mortgage collateral ensures the lender isn’t at a complete loss if the borrower defaults. Under most mortgage contracts, the property is considered collateral under the loan. This means that if a borrower doesn’t repay the loan, then the lender can seize their property.

College majors ranked by median resulting student debt

As of 2023, student loans were the third-largest category of US household debt at $1.6T. But not all student debt is created equal. Statistically, some majors incur more debt than others. Behavioral science majors, for instance, had the highest median student debt as of 2022.

Just 7% of student loan borrowers account for 40% of outstanding student loan debt

Most student loan debt went to support graduate studies. Total student loan debt in the US is more than $1.6T. Downloadable tables show the raw data behind federal student aid.

Switzerland's household debt totals 125% of its GDP

Switzerland, Australia, and Canada are among the countries with the highest household debt in the world. This debt typically includes mortgages, automotive loans, credit card debt, and personal loans.

The US national debt is over $31T

The US national debt is at its highest level ever. Learn how the national debt grew to that level and what it means for US economic growth with charts and simple explanations.

Alaska has the highest lifetime credit card debt of all US states at $484,620

That's 21.8% above the national average, partly due to Alaska's high cost of living and remote nature, which makes shipping in food and fuel more expensive. Iowa had the lowest average lifetime credit card debt out of all the states in the US at $319,740.

A 'debt trap' refers to the need for loans or credit to cover the expenses incurred from other debt

Debt traps can be caused by unforeseen expenses or inadequate savings and can be a brutal cycle to break. At the end of 2025, total household debt in the US reached $18.8T, according to data from the Federal Reserve of New York.

Only 14% of transactions are in cash, as of 2025

Credit (35%) and debit (30%) cards have long eclipsed cash as the primary method of payment in the US. It is a primary backup, however, with 90% of customers intending to use cash to pay or store value and 80% carrying cash.

Visualizing $102T of global debt

Which countries have the most debt? And how does it stack up against their gross domestic product? This visualization, based on data from the International Monetary Fund’s October 2024 outlook, has answers.

The US-led global debt settlement market is expected to expand from $4.8B in 2024 to $7.2B by 2032

While debt settlement companies aren't technically allowed to charge fees until after lowering a consumer's debt, a loophole in the Telemarketing Sales Rule (a mix of federal and state laws) gives predatory firms the opportunity to exploit consumers.

Over three-fourths of US debt is held by domestic and foreign investors

Of the domestic investors, the Federal Reserve is the largest holder. And, of the foreign investors, Japan is the largest holder, followed by China.

Consumer spending accounts for 70% of US GDP, making Black Friday significant

Lizabeth Cohen, a history professor at Harvard and author of the book “A Consumer's Republic: The Politics Of Mass Consumption In Postwar America,” has argued that the US government has presented consumerism as a way out of economic crisis or decline since around World War II.

Facts and figures on the largest credit unions

As of early 2024, credit unions had $2.31T in assets under management and were growing exponentially. Some of the biggest players limit access to military personnel, residents of specific states, and those with active religious affiliations. If you want to bank with some of the top names in the US, this list will help you check to see if you qualify.

US holiday retail sales reached $973B in 2024

In 2024, US holiday retail sales reached $973B—nearly one-fifth of annual sales. Many companies depend on this season to bolster revenues.

Consumers will use digital payment processing for nearly $40T in spending by 2028

That's just one signal of the industry's massive growth. Investments in the global fintech industry have grown from $4B in 2010 to $92.3B in 2021, as both businesses and consumers seem to quickly adopt new fintech products, from digital payment apps to robo-advisers.

One in five Americans has an error on their credit report, according to the Federal Trade Commission

In 2026, four US senators sent letters to two of the nation's major credit bureaus (TransUnion and Experian) after an investigation revealed that they were fixing fewer errors on consumers' credit reports.

Credit reporting started as a service for businesses rather than consumers

In the 1700s US economy, consumer credit reporting wasn't necessary. A loan to a farmer for agricultural supplies, for instance, would inevitably help them purchase both personal and business items.

The Consumer Financial Protection Bureau is looking closely at BNPL

Given the lack of data around BNPL services in comparison to other financial products such as credit cards, the CFPB has conducted research to better understand BNPL products and how they could harm and benefit consumers.

Tequila overtook whiskey as a top US spirits subcategory in 2023

Tequila sales in the US totaled $6.5B in 2023, surpassing whiskey's $5.3B. The shift was partially driven by premiumization, with the majority of supplier revenues coming from premium and super-premium tiers and brands.

The United States currently ranks number one for countries that enable the most financial secrecy

Financial secrecy refers to complex systems that make it easy for people and companies to hide assets. High levels of financial secrecy are associated with illegal activity, like drug trafficking and money laundering. Lax regulations around reporting who owns trusts, real estate, and businesses impact the United States' global financial secrecy ranking.

Houston, Texas depends heavily on payday loans

In 2024, people in Houston took out payday loans at a higher rate than the national average. In Texas, the average payday loan interest rate is 664%.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

US housing costs have risen by roughly 175% between 1991 and 2026—but a growing number of Gen Zers are becoming homeowners anyway. In 2025, 4% of homebuyers were Gen Z, up from 3% the year before.

The USPS spent $3.97B in 2024, accounting for .058% of the federal budget.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

View the ten deadliest tornadoes in US history.

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

44% of Americans say they pray at least once a day—discover how your state's religiosity stacks up against the rest of the country.

See a ranking of the best (and worst) Federal Reserve Chairs since 1914 out of the 16 men and women who have held the office since.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

In 2026, Finland was named the world's happiest country for the ninth consecutive year based on its wealth, social safety network, and high life expectancy, among other factors.

Fireworks-related ER visits are on the rise—in 2024, they increased by 52% as compared to the prior year.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Animal phobias are likely the most common type of phobias, followed by an extreme fear of heights.

Use this tool to calculate the dollar value of your parental mental load, from meal planning to coordinating after-school care, then see resources that help generate solutions.

The most expensive ad of all time was for Chanel No. 5 perfume and cost roughly $33M to produce in 2004—about $57M in today's dollars.

According to the physics of black holes, our 4D reality may be a hologram—a projection of information coded on a 2D surface on the edge of the universe.

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

The Russia-Ukraine conflict is the largest ground war in Europe since World War II in casualties, forces mobilized, and displacement of civilians.

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.