US Household Debt Rises Sharply, Culprits Inflations, Mortgages

Household debt across the country is sharply on the rise, with U.S. households now collectively on the hook for about $17 trillion in total.

  • The average family holds about $142,680 in debt, according to a new WalletHub report.
  • All told, the personal finance website concludes that 2022 ended with Americans roughly $320 billion more in total debt than they were at the start of the year.
  • During the fourth quarter alone, consumers added at least $398 million in new debt, the fourth highest build-up for a fourth quarter over the past two decades and more than four times larger than Q4 2021.
  • “The sharp increase in household debt is mostly due to inflation and a rise in mortgage debt, which is based on strong consumer demand,” WalletHub analyst Jill Gonzalez told The Center Square.