WASHINGTON–WalletHub’s newly released Household Debt Report is offering some new insights into how U.S. consumers are faring.
This report adjusts data for inflation to accurately show how debt compares to historical levels, according to the company.
Among the key findings:
- Consumers paid down a total of $140 billion in debt during Q1 2023 – 40% less than in Q1 2022
- Total household debt fell to $17.13 trillion in Q1 2023
- Current debt is not at a record high – when you adjust for inflation, household debt is $1.15 trillion below its peak from 2008
- The average household owed a total of $143,626 at the end of Q1 2023, only $12,918 below what WalletHub said is its projected breaking point for household finances
- Household mortgage debt decreased by roughly $82 billion in Q1 2023 – the seventh biggest paydown since 2004
- Auto loan debt decreased by $16 billion in Q1 2023 – the third consecutive first quarter paydown
- In Q1 2023, debt from home equity lines of credit (HELOC) fell by $2.7 billion – the 14th consecutive first quarter paydown
- Total student loan debt decreased by $18 billion in Q1 2023 – the second biggest Q1 paydown since 2004
For additional information: Household Debt Report
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