Debt at a record high: Where Americans are feeling the squeeze

Household debt in the U.S. just hit a new record: $18.59 trillion as of the third quarter of 2025. That’s a $197 billion jump in just a few months. Mortgages continue to make up the biggest piece of the pie, rising by $137 billion to reach $13.07 trillion, a sign that homeowners still have strong equity and lenders are keeping standards tight.

Credit-card balances also climbed, up $24 billion to $1.23 trillion, and student-loan debt ticked up slightly to $1.65 trillion. Auto-loan balances, meanwhile, stayed about the same at $1.66 trillion.

The Fed notes that late payments are becoming more common: roughly 4.5 percent of household debt is now delinquent. Student loans are feeling the strain the most, with 9.4 percent of borrowers 90+ days past due or in default, partly because missed federal loan payments are being reported again.

Overall, households are holding up, but some pressure points are starting to show.