In August 2020, the average interest rate for a 24-month loan was 9.34%. Most stock quote data provided by BATS. In quarter four of 2018, America owed a total of $870 billion in credit card debt alone — a 5 percent increase from 2017. All times are ET. Note that Urban Institute's data for these figures comes from a combination of 2018 and 2017 statistics. Experian's State of the Auto Finance Market report from Q2 2020 gives average car payments on new auto loans by credit score: Experian also reports used car payments by credit tier: TransUnion says that a loan is in hardship if the borrower has a deferred payment, forbearance program, frozen account, or frozen past due payment. As of November 2020, consumer debt is at $14.2 trillion, with Americans carrying an average personal debt of $92,727. "Reference person" refers to the member of the household who completed the SCF. There's no federal-level foreclosure data easily available, but ATTOM Data's foreclosure report shows that there were around 50,000 foreclosures in November 2019. In the second quarter of 2020, the delinquency rate of credit card loans from commercial banks was 2.42%. Respondents were preparing to cut their expenses, get side jobs, file for unemployment, and borrow more money. "The moratoria on evictions and foreclosures easily explain why foreclosure rates are down, and they also create some dread for 2021," says Credit.org's Opperman. ", U.S. Bureau of Labor Statistics (2020). But at the end of last year, the average (mean) revolving balance for cardholders who had a revolving balance was $6,271. 5. Data source: Federal Reserve Board (2020). They can be used for a variety of financial needs, including weddings, renovations, vacations, or debt consolidation. American investors, the Federal Reserve and other parts of the U.S. government actually own about 70% of the entire national debt. The $28 trillion gross federal debt equals debt held by the public plus debt held by federal trust funds and other government accounts. The amount of money that the United States owes investors has hit record levels in more than a few ways, based on new numbers reported Friday by the US Treasury. Source - Federal Reserve Bank of New York $3.13 trillion breaks down to about $24,300 of deficit spending per household in 2020 . https://www.fool.com/the-ascent/research/average-american-household-debt The fiscal year represents the total interest expense on the Debt Outstanding for a given fiscal year. The credit bureau's monthly industry snapshot from September 2020 showed that 3.789% of auto loans were in financial hardship status. When other sources of revolving consumer credit are factored in, Americans owe a total of $1.057 trillion as of March of 2019. Massachusetts's total liabilities are $104.53 billion, and its total assets are $34.214 billion, creating a debt of $68.43 billion. The reason for the huge year-over-year jump is simple: Starting this spring, the federal government spent. I … "Debt is the size of the economy today, and soon it will be larger than any time in history," CRFB president Maya MacGuineas said. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Disclaimer. The U.S. debt reached a new high of $27 trillion as of Oct. 1, 2020. That's a big drop from 9.69% in Q2 2019. That includes a wide range of debt, from mortgages to personal loans, credit cards, and more. ". Explore the best credit cards in every category as of March 2021. The U.S. debt to China was $1.07 trillion in July 2020. Here's how they've changed over the past 20 years: As you can see, residential and commercial real estate loans have had more charge-offs and delinquencies in Q2 2020 than they did in Q1, though the rates are notably lower than they were in previous years. We'll have to see when the St. Louis Fed releases its Q3 data. These low rates have also led to a rush on refinances, especially before the new 0.5% refinance fee kicks in on Dec. 1. Here are the 2020 filings per capita of all 50 states and D.C. up to the end of September 2020. Total domestic nonfinancial debt jumped by 11.7% to $55.9 trillion, the report said. We pulled together as much data as we could find on Americans' average household debt in 2020 to give you a snapshot of how we handled our debt this year. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. As of August 31, 2020, federal debt held by the public was $20.83 trillion and intragovernmental holdings were $5.88 trillion, for a total national debt of $26.70 trillion. And interest payments alone on the debt -- even if rates remain low -- will consume an ever-growing share of tax dollars. The Motley Fool has a Disclosure Policy. The global coronavirus pandemic was the biggest news of 2020. Data source: New York Federal Reserve (2020), Federal Reserve Board (2020), Experian (2020). Yes, that is a lot—the most in the world , in nominal terms. In contrast, personal bankruptcies, credit card delinquencies, and mortgage foreclosures have decreased. Data source: New York Federal Reserve (2020), Experian (2020), Federal Reserve Board (2020), St. Louis Federal Reserve (2020). A revolving credit card balance is one that persists between payments -- in other words, it's what people pay interest on. That's the lowest it's been since the St. Louis Fed started compiling this data in 1971. As of Q3, 2020, it was 99.4%, with a peak at Q2 of 105%. According to the 2019 Survey of Consumer Finances, the average (mean) household debt among those who had any debt was $140,416, while the median was $65,000. Long-term liabilities are at 305.5% of total assets. That's more than 15% of the $7 trillion in Treasury bills, notes, and bonds held by foreign countries. By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. Urban Institute ", Federal Reserve Bank of New York (2020). As a share of the economy, the estimated 2020 deficit is more than triple what the annual deficit was in 2019. 1  Most headlines focus on how much the United States owes China, one of the largest foreign owners. Government Debt in the United States increased to 27784553 USD Million in January from 27747798 USD Million in December of 2020. The answers to questions like these can give us insight into the financial state of the average American household. The rest of the $27 trillion national debt is owned by either the American people or by the U.S. government itself. $3.13 trillion is almost 4 times the amount of credit card debt Americans held in2020 ($820 billion). Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. According to the American Bankruptcy Institute's most recent release, there were 420,048 declarations of bankruptcy in the United States by the end of September 2020. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. That's slightly higher than the number in Experian's 2019 report: $213,599. The most recent number, from the second quarter of 2020, is 8.69%. For example, 31% of West Virginians have medical debt in collections. The Ascent does not cover all offers on the market. The debt hasn't been that high since 1946, when the federal debt was 106.1% of GDP. Copyright © 2018 - 2021 The Ascent. That's the lowest it's been since early 2017 -- and while it's possible that consumers are getting better about paying their debts, it seems more likely that it's related to credit card providers and banks letting borrowers postpone their payments and otherwise avoid delinquency. "Every expert expects a sharp rise in eviction rates and foreclosures next year. "Consumers tightened their belts in 2020, leading them to carry less revolving debt and focus on paying their credit card bills on time every month," says Melinda Opperman, President of Credit.org, a nonprofit HUD-approved housing and nationwide consumer credit counseling organization headquartered in Riverside, California. Even deficit hawks are urging a dysfunctional Washington and a chaotic White House to approve another round of, "The US federal budget is on an unsustainable path, has been for some time," Federal Reserve Chairman Jerome.