US Household Debt Reaches Record $18.2 Trillion Amid Rising Mortgage and Student Loan Balances

US household debt surged to an unprecedented $18.2 trillion in Q1, marking a $167 billion increase from the previous quarter. Over the past decade, household debt has ballooned by $7 trillion, exacerbating financial strain on families already grappling with tight budgets.

The latest spike was driven primarily by mortgage debt, which jumped $199 billion to $12.8 trillion. Student loan balances also climbed $16 billion, reaching a new high of $1.6 trillion. Meanwhile, auto loan debt declined by $13 billion to $1.6 trillion, and credit card balances dropped $29 billion to $1.2 trillion.

The data underscores a growing reliance on long-term debt with limited avenues for relief. As households accumulate more obligations, the sustainability of this debt load remains a critical concern for the broader economy.