Record-breaking U.S. household debt surge: $1.08 trillion credit card balances and $27 billion student loan decrease

American households increased their total debt by $78 billion in the third quarter of 2023, with the average amount owed at $145,319. The report projects that U.S. households will end the year with over $350 billion more debt than they started with. The collective debt owed by U.S. households is $17.3 trillion, with mortgage debt increasing by $20 billion and credit card debt reaching around $1.08 trillion in the third quarter.