Citing data from the Federal Reserve’s G.19 Consumer Credit Report, the NAHB’s Eye on Housing says total outstanding U.S. debt stood at $5.05 trillion for Q1 2024, which is increasing at an annualized rate of 1.86% (SA). They report that from the Q1 2023 to the first quarter of 2024, the total increased by 2.09%. This is lower than the 6.67% year-over-year (YoY) rise from Q1 2022 to Q1 2023, and the 6.51% YoY rise from Q1 2021 to Q1 2022.
In addition, of the total outstanding US debt Q1 2024, the nonrevolving share is 73.47%, with revolving at 26.53%. Nonrevolving debt, primarily made up of student and auto loans, stands at $3.71 trillion (SA) for the first quarter of 2024. Revolving debt, which is primarily made up by credit card debt, stands at $1.34 trillion.
“Both nonrevolving and revolving debt have slowed since households’ pandemic-era savings have dwindled. In terms of YoY growth, both nonrevolving and revolving debt peaked in the fourth quarter of 2022…”
Click here to read the full report at the NAHB’s Eye on Housing.
