Quick numbers for those reading:

• Overall debt grew by $93 billion in the last three months of 2024 – and about half of that increase was new credit card debt.
• Americans’ total credit card balances now stand at a record-high $1.21 trillion.
• Americans hold nearly $1.7 trillion in auto loan debt.
• Americans’ total household debt is $18.04 trillion – including credit cards, mortgages, auto loans and student loans

STUDENT DEBT:

• Americans hold $1.62 trillion in student debt.
• Missed federal student loan payments were not reported to credit bureaus between 2020Q2 and 2024Q3.
• Consequently, less than % of aggregate student debt was reported 90+ days delinquent or in default in 2024Q4.
• Missed federal student loan payments will likely begin appearing on reports beginning in 2025Q1.

Here’s the report: House Hold Debt and Credit: Q4 2024 (published 2025 by Federal Reserve Bank of New York)