US Household Debt Soars to $17.7 Trillion in 1st Quarter: New York Fed Data

Household debt is ballooning and consumers are having difficulty keeping up.

Alain Filiz shows off some of his credit cards as he pays for items at Lorenzo's Italian Market in Miami, Fla., on May 20, 2009. Joe Raedle/Getty Images

Stressed U.S. households “faced worsening financial distress” to kick off 2024 as they endured a blend of higher inflation and rising interest rates, according to Federal Reserve Bank of New York economists.

New data from the regional central bank’s Quarterly Report on Household Debt and Credit showed that total U.S. household debt surged by $184 billion to $17.69 trillion in the first quarter, with borrowers facing higher delinquency rates.