Household accounts - Household debt - OECD Data (2024)

FAQs

What percentage of household income is household debt? ›

Average American debt payment: 9.8% of income

The Federal Reserve tracks the nation's household debt payments as a percentage of disposable income. The most recent debt payment-to-income ratio, from the fourth quarter of 2023, is 9.8%.

The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.

The household debt service ratio edged above 15% in the third quarter of 2023 on higher borrowing and slower income growth. At the same time, debt servicing is increasingly focused on interest payments, as opposed to paying down principals.

Debt-to-income (DTI) ratio measures the percentage of a person's monthly income that goes to debt payments. A DTI of 43% is typically the highest ratio that a borrower can have and still get qualified for a mortgage, but lenders generally seek ratios of no more than 36%.

European Union household debt accounted for 45.7 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 46.3 % in the previous quarter. EU household debt to GDP ratio is updated quarterly, available from Sep 1997 to Mar 2024.

The vast bulk of Swiss household debt is in the form of mortgages on real estate. There are a number of reasons for this: Switzerland has wealth taxes. Debt can be deducted from taxable wealth, which makes carrying mortgage debt attractive from a tax perspective.

United States Household Debt: % of GDP

United States household debt accounted for 63.8 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 64.0 % in the previous quarter. US household debt to GDP ratio is updated quarterly, available from Mar 1999 to Mar 2024.

35% or less: Looking Good - Relative to your income, your debt is at a manageable level.

What is a good debt ratio for a family? ›

A debt ratio below 30% is excellent. Above 40% is critical.

What is the average credit score? The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.

In the latest reports, Norway Household Debt reached 463.8 USD bn in Dec 2023.

Sweden household debt accounted for 87.9 % of the country's Nominal GDP in Dec 2023, compared with the ratio of 88.8 % in the previous quarter. Sweden household debt to GDP ratio is updated quarterly, available from Mar 1996 to Dec 2023.

The total household debt in Japan amounted to 378.6 trillion yen in 2022. Housing loans, which account for the largest share of household debt, increased to 224.9 trillion yen. In contrast, outstanding consumer loans, which comprise credit card loans and education loans, were much lower at 48.7 trillion yen.

United States Household Debt: % of GDP

United States household debt accounted for 63.8 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 64.0 % in the previous quarter.

How much do you need to earn to be in the top 5% income bracket? For those in the top 5%, the figure rises even more. According to the same research, those in the top 5% earned an average of $335,891 in 2021. This is an increase of around $19,000 from the previous year.