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The majority of US consumers are shouldering loan debt, with 61.1% holding one or more loan accounts with an outstanding balance. The most common types of accounts to have an outstanding balance are mortgages (33.3%) and auto loans (31.0%).
Beyond the chart: Millennials and Gen Xers are more likely to have loan balances than any other age demographic, especially for mortgages, as consumers buy houses at a pace not seen since before the Great Recession. We estimate the US mortgage debt balance will approach $15 trillion in 2023, though that number could change if the Federal Reserve continues to raise interest rates, as Wall Street predicts.
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