Record Household Debt Surges to $17.29 Trillion, Millennials Struggle with Credit Card Balances

Total household debt in the US reached $17.29 trillion in Q3 2023, driven by increases in mortgage, credit card, and student loan balances. Mortgage balances rose by $126 billion, credit card balances increased by $48 billion, and student loan balances increased by $30 billion. Delinquency rates increased for most debt types, particularly credit cards, with 3% of outstanding debt in some stage of delinquency. The rise in credit card delinquency rates was most pronounced among borrowers between the ages of 30 and 39.