2024 Consumer Debt Doesn’t Look So Well

In Equifax’s article about consumer debt, they have analyzed the most recent data on U.S. consumer debt from the Federal Reserve and have found that 2024 is off to a bad start financially. The total U.S. consumer debt was $17.39 trillion in March 2024, an increase of 2.6% from March 2023.

Mortgage debt is most of American’s largest debt, exceeding other types by a wide margin. Student loans are the next largest type of debt among, followed closely by auto loans. The debt for mortgages including home equity loans were $12.65 trillion, a 72.8% share of total debt, while non-mortgage consumer debt totaled $4.73 trillion, with 34.6% of non-mortgage consumer debt attributable to auto loans and leases and 32.0% attributable to student loans.

Regarding auto loans and leases debt, the total balances owed were increased by 3.2% year over year to $1.64 trillion. March 2023 levels are similar to the number of outstanding accounts being 86.8 million.

Regarding credit card debt, the outstanding balances have gone up by 10.7% to reach $1.00 trillion year-over-year. The number of accounts that were still outstanding reached 548.1 million, a 3.3% increase from last year.

From all the debt analytics and research, we can surely confirm that our economy has had a major downfall from 2023 to 2024 in debt. We are now mid-year, so let’s hope for a better outcome to our financial crisis as the year comes to an end.

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