MIAMI–While U.S. households now owe a record amount in absolute terms--$17.5 trillion--the total is still 5% below the all-time high when adjusted for inflation, according to a new report.
WalletHub said its Household Debt Report found U.S. households ended 2023 with $38 billion more debt than they started with, “which is actually an 89% improvement from the prior year,” according to the company’s analysis.
The Findings
Among the other findings:
- Household Average: The average household owed a total of $146,084 at the end of Q4 2023, only $12,216 below the peak.
- Total Debt to Deposits Ratio: The ratio between total household debt and deposits has rebounded lately after going down for years, but it is still below pre-Covid levels as well as roughly 46% below the peak from the early 2000s, WalletHub said.
- Total Debt to Assets: The ratio between total household debt and assets has been increasing recently, reaching 10.3% in Q4 2023, but it’s still well below the record.
The full report is available here.
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