Total household debt in the US is at a record-high of $17.06 trillion

In the second quarter of 2023, total household debt in the United States witnessed an increase of $16 billion, climbing to a total of $17.06 trillion. This data comes from the Federal Reserve Bank of New York. Within this total, credit card balances, consumer loans, and auto loans have all reached historic peaks, sparking concerns among economists and financial experts about the health of the consumer-driven U.S. economy.

Of particular note is the record-high level of credit card balances, which demonstrated the most noticeable deterioration in performance among various debt categories during this quarter. These credit card balances reached a significant milestone of $1.03 trillion, marking the first instance in which they have exceeded $1 trillion in nominal terms.