San Francisco, California (PRWEB) May 24, 2023 -- The 2023 US Consumer & Credit Card Debt Statistics Report is an original analysis of Q1 2023 New York Fed’s primary data sources, that features 50+ financial statistics accompanied by 17 original interactive charts and tables. Here are some of the key statistics included in the report:
Key 2023 US Consumer Debt Statistics
- US household debt reached a total of 17.05 Trillion for the first time in history
- In total, the household debt balance increased by 7.62%, year-over-year
- The per capita debt balance increased from $56,650 to $60,250
- 36.63 M loan accounts were added to the economy since 2022, a 4.94% increase
- The most indebted age group was 40-49-year-olds, with $4.39 Trillion in deb
2023 US Credit Card Debt Statistics
- Credit card debt reached $0.99 T in Q1 2023, up 17.38% compared to Q1 2022
- Credit card debt now comprises 5.3% of all household debt
- Credit card credit increased by 7.32%, and credit card balance (spending) increased by 17.86%
- Credit card limits are at $4.51 T, their highest level ever
- 35.76 million new credit card accounts were created between 2022 and 2023, a 6.7% increase
- Credit card delinquency rates increased by 62.3% for ages 18-29
- Transition to serious credit card delinquency increased by 50.3% for all age groups
2023 US Student Loan Debt Statistics
- Student loans debt reached $1.6 T in Q1 2023, up a mere 0.88% YoY, the lowest increase among all other household debt categories
- Student loans debt now comprises 9.41% of all household debt
- The allocation of student debt to the age group 18-29 is 29.6%, while in 2020, it was 35.3%
- Student loan delinquent loans fell to only 0.67% in 2023, down by 86% compared to 2022
2023 US Mortgage Debt Statistics
- Mortgage debt reached $12.04 T in Q1 2023, up 7.7% YoY
- Mortgage debt now comprises 70.65% of all household debt
- Mortgage debt account numbers increased by 3.05% in 2023 to 84 M
- Mortgage debt had a delinquency rate of 0.44% in 2023, the lowest of any other debt type
- Mortgage debt delinquency rates were down by 6% YoY in Q1 2023
2023 US Auto Loan Debt Statistics
- Auto loan debt reached $1.56 T in Q1 2023, up 6.26% YoY
- Auto loans debt now comprises 9.16% of all household debt
- There are 2M fewer auto loan accounts in 2023 compared to 2022
- Auto loan delinquency rates were 3.89% in 2023, down by 3% compared to 2022
2023 US Personal & Payday Loans Debt Statistics
- Personal & Payday loans debt reached $0.51 T in Q1 2023, up 13.78% YoY
- Personal loans debt now comprises 3% of all household debt
- Personal loan delinquency rates were 7.67% in 2023, up by 8% compared to 2022
- The personal loan average delinquency rate has been ranging from 7% to 8% since 2019 and has been the least volatile loan category
Read the complete Credit Report with the 17 interactive charts here: https://financer.com/us/blog/american-credit-card-debt-statistics/
George Chrysochou, Financer.com Limited, https://financer.com/, 357 26941061, [email protected]
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