Debt

Americans Have More Debt Than Ever

Household Debt
U.S. debt hits a record near $14 trillion

A new Federal Reserve Bank of New York report shows Americans are carrying more household debt than ever — nearly $14 trillion. Here's what's driving the rise and why your monthly bills matter.

1 Household Debt Hits a Record

According to a new report from the Federal Reserve Bank of New York, Americans are sitting on more household debt than ever. Total household debt increased by $92 billion (.7 percent) to almost $14 trillion in the third quarter of 2019. Several economic factors have contributed to this rise.

2 What's Driving the Rise

  1. Low unemployment. US employers added 128,000 jobs in October according to a job report by the Bureau of Labor Statistics.
  2. Strong consumer confidence. Despite a dip in October, consumer confidence remains high.
  3. Cheap borrowing costs. The federal funds rate is now between 1.5% and 1.75% after the Federal Reserve cut rates for the third time this year.

3 Where the Debt Is Growing

According to the NY Fed, several figures that comprise the total debt continue to rise:

  1. Mortgages. At $9.44 trillion, mortgages are still the bulk of Americans’ debt, up by about $31 billion from the end of the second quarter.
  2. Student loans. Climbed to $1.5 trillion, about 1.4% higher in the third quarter.
  3. Credit cards. Balances rose $13 billion during the third quarter.
  4. Auto loans. Balances increased by $18 billion in the third quarter.

4 Delinquencies and Your Monthly Bills

Despite low unemployment rates and increasing wages, aggregate delinquency rates worsened with 4.8 % of outstanding debt overdue. Student debt, specifically, had high delinquent rates: one in nine borrowers were 90+ days delinquent or in default.

Although having well-managed debt may not be detrimental to your finances, out-of-control monthly bills can contribute to poor financial health. With so many monthly payments to monitor, consumers shouldn’t have to worry about sneaky billing practices from their internet, wireless and cable providers. There’s a good chance you’re paying more than you should and Billshark can help.

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Frequently Asked Questions

How much household debt do Americans have?

According to a report from the Federal Reserve Bank of New York, total household debt increased by $92 billion (.7 percent) to almost $14 trillion in the third quarter of 2019. That is the most household debt Americans have ever carried, with the rise driven by several economic factors during the year.

What economic factors are driving the rise in debt?

Three factors contributed to the increase. Low unemployment, as US employers added 128,000 jobs in October per the Bureau of Labor Statistics. Strong consumer confidence, which remained high despite a dip in October. And cheap borrowing costs, with the federal funds rate now between 1.5% and 1.75% after the Federal Reserve cut rates for the third time that year.

Which types of debt are growing the most?

According to the NY Fed, mortgages remain the bulk of debt at $9.44 trillion, up about $31 billion from the second quarter. Student loans climbed to $1.5 trillion, about 1.4% higher. Credit card balances rose $13 billion during the third quarter, and auto loan balances increased by $18 billion in the same period.

Are debt delinquency rates getting worse?

Yes. Despite low unemployment rates and increasing wages, aggregate delinquency rates worsened, with 4.8 percent of outstanding debt overdue. Student debt had especially high delinquent rates: one in nine borrowers were 90 or more days delinquent or in default during the third quarter of 2019.

How can lowering monthly bills help with debt?

While well-managed debt may not harm your finances, out-of-control monthly bills can contribute to poor financial health. With so many payments to monitor, consumers shouldn't have to worry about sneaky billing practices from internet, wireless and cable providers. There's a good chance you're paying more than you should, and Billshark can help lower those recurring bills.

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Americans Have More Debt Than Ever page context

Americans Have More Debt Than Ever is a Billshark resource with information and navigation relevant to recurring bills, consumer choices, and savings decisions.

US household debt hit a record near $14 trillion in Q3 2019, per the NY Fed. See what drove the rise across mortgages, loans and cards. Cut your bills.

Visitors can use this page to review Billshark information and continue to the route that best matches their savings, support, or account needs.

Billshark publishes this information to help visitors understand monthly expenses, provider choices, and practical next steps.

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A new Federal Reserve Bank of New York report shows Americans are carrying more household debt than ever — nearly $14 trillion.

According to a new report from the Federal Reserve Bank of New York, Americans are sitting on more household debt than ever.

According to the NY Fed, several figures that comprise the total debt continue to rise.

Despite low unemployment rates and increasing wages, aggregate delinquency rates worsened with 4.8 % of outstanding debt overdue.

Although having well-managed debt may not be detrimental to your finances, out-of-control monthly bills can contribute to poor financial health.

According to a report from the Federal Reserve Bank of New York, total household debt increased by $92 billion (.7 percent) to almost $14 trillion in the third quarter of 2019.

Three factors contributed to the increase.

According to the NY Fed, mortgages remain the bulk of debt at $9.44 trillion, up about $31 billion from the second quarter.

Yes.

While well-managed debt may not harm your finances, out-of-control monthly bills can contribute to poor financial health.

Billshark negotiates your bills for you — no savings, no fee.

Billshark helps lower internet, wireless, cable, satellite radio, and other monthly bills.

Our experts handle providers for customers and share updates throughout the process.

Customers pay only when Billshark finds savings on eligible bills.

1 Household Debt Hits a Record.

2 What's Driving the Rise.

3 Where the Debt Is Growing.

4 Delinquencies and Your Monthly Bills.

Frequently Asked Questions.

How much household debt do Americans have?.

What economic factors are driving the rise in debt?.

Which types of debt are growing the most?.

Are debt delinquency rates getting worse?.

How can lowering monthly bills help with debt?.

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