According to new data from Wallethub, the average American household has more than $152,000 in debt, with mortgages making up more than two-thirds of the total.
The latest household debt report from the Financial Advisory Site is based on New York Federal Reserve figures and uses data from the U.S. Bureau of Labor Statistics to adjust for inflation, indicating that total household debt reached $18.39 trillion in the second quarter of 2025.
That figure is the highest ever in raw dollar terms, but remains below $1 trillion inflation-adjusted peak in late 2008 during the financial crisis. Similarly, the current household debt of $152,653 is below the inflation-adjusted record of $166,462 in the same period in 2008.
Mortgages remain the dominant source of debt. Total mortgage balance reached $12.94 trillion in the second quarter (approximately 70% of all household debt) averaged $107,384 per household. That’s more than $14,000 from the $121,622 inflation adjustment record set in 2008.
Other forms of debt remain important. Auto loans totaled $1.65 trillion, or averaged $13,739 per household, a slight decline since the beginning of the year. The student loan balance was $1.64 trillion, an average of $13,598 per household. Credit card debt rose to $1.21 trillion, with a typical household balance of $10,037.
The Wallethub report noted that overall debt levels have been relatively stable since 2020, but that category-wide fluctuations reflect changing economic conditions, interest rates, and consumer spending patterns.
– In 2024, the average Floridian with a credit history carried around $58,390 in total debt, including mortgages, car loans, student loans and credit cards. That figure is closely matched with household levels in the country when classified by individuals with debt.
Florida’s mortgage obligations averaged $39,080 per credit consumer, or $57,725 per homeowner. This highlights that mortgage obligations constitute a significant portion of the state’s overall debt burden.
Florida’s auto loan balance averaged $6,560 per credit consumer, while student loan balances were $38,857 per borrower, totaling about $100 billion in a statewide accrued student debt. These metrics highlight a steady increase in student-related borrowing.
Credit card debt continues to rise in Florida. The average credit card balance is around $4,540 per credit consumer, with around 11.7% of that balance expired, highlighting the struggled repayment ability. Additionally, Florida registers one of the highest credit card delinquency rates (11.68% for delinquency balances (ages 90 and above). Florida’s debt levels show certain categories, such as student loans, but are higher compared to the national average, while other categories such as car and credit card debt remain lower per borrower. However, the state faces considerable financial pressure, particularly from credit card delinquency and the amount of student loans.
