2023 was a rough year financially for many. Although the U.S. inflation rate is moving back toward historical norms, we’re still feeling the effects of price hikes from 2022. Add in interest rates that have risen sharply, the resumption of federal student loan payments, and incomes not keeping pace with the cost of living, and it’s no surprise that debt balances are up across the board.
NerdWallet’s annual look at household debt finds that credit card debt is up nearly 16% compared with last year, for a total of more than $1.2 trillion, as of September 2023. [1] Mortgages, auto loans, student loans and overall debt loads also increased over the past year.
Here’s a breakdown of what U.S. households owed in total and the average amount per household with each type of debt, as of September 2023 [2]:
|
Total owed by an average U.S. household with this debt |
Percentage change for total owed between 2022 and 2023 |
||
|---|---|---|---|
|
* This debt can include… |
|||
