The average American household now carries more than $152,000 in debt, with mortgages making up more than two-thirds of the total, according to new data from WalletHub.
The financial advisory site’s latest Household Debt Report, based on figures from the New York Federal Reserve and adjusted for inflation using U.S. Bureau of Labor Statistics data, shows total household debt hit $18.39 trillion in the second quarter of 2025.
While that figure is the highest ever in raw dollar terms, it remains more than $1 trillion below the inflation-adjusted peak of $19.44 trillion set in late 2008 during the financial crisis. Similarly, the current average household debt of $152,653 is below the inflation-adjusted record of $166,462 from the same period in 2008.
Mortgages remain the dominant source of debt. Total mortgage balances reached $12.94 trillion in the second quarter — about 70% of all household debt — translating to an average of $107,384 per household. That’s more than $14,000 below the inflation-adjusted record of $121,622 set in 2008.
Other forms of debt remain significant. Auto loans totaled $1.65 trillion, or an average of $13,739 per household, marking a slight decline from earlier this year. Student loan balances stood at $1.64 trillion, averaging $13,598 per household. Credit card debt climbed to $1.21 trillion, with the typical household carrying a balance of $10,037.
WalletHub’s report noted that while overall debt levels have remained relatively stable since 2020, fluctuations across categories reflect shifting economic conditions, interest rates, and consumer spending patterns.
-In 2024, the average Floridian with a credit history carried about $58,390 in total debt, which includes mortgages, auto loans, student loans, and credit cards. That figure aligns closely with national household levels when broken down by individuals with debt.
Mortgage debt among Floridians averaged $39,080 per credit consumer, or $57,725 per homeowner. This highlights that mortgage obligations make up a substantial portion of the state’s overall debt burden.
Auto loan balances in Florida averaged $6,560 per credit consumer, while student loan balances stood at $38,857 per borrower, totaling approximately $105 billion in outstanding student debt across the state. These metrics underscore the steady rise in student-related borrowing.
Credit card debt remains elevated in Florida: the average credit-card balance hovers around $4,540 per credit consumer, with about 11.7% of that balance 90+ days overdue, highlighting struggling repayment capacity. Additionally, Florida registers one of the highest rates of credit card delinquency—11.68% for seriously delinquent balances (90+ days)—second only to Nevada nationally. Florida’s debt levels show certain categories—like student loans—scaling higher compared to national averages, while others, such as auto and credit card debt, remain lower per borrower. Yet the state faces substantial financial pressure, especially from credit card delinquency and the volume of student loans in play.
