US Debt Outstanding and Growth by Sector
Credit market debt outstanding and its growth rate for the domestic nonfinancial sectors — households, business, federal government, and state and local government — from the Financial Accounts, together with the newer private credit series showing direct lending by nonbank lenders, split by borrower and by lender.
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt outstanding3 | ||||||||||||||
| Domestic nonfinancial sectors4 | 84,092.94 | 83,022.19 | 81,810.79 | 80,758.9 | 79,019.24 | 78,394.31 | 77,718.78 | 77,056.72 | 75,940.08 | 75,212.79 | 74,283.38 | 73,437.05 | 72,325.24 | |
| Households and nonprofit organizations2 | 21,377.79 | 21,113.85 | 20,931.78 | 20,771.77 | 20,578.92 | 20,389.24 | 20,232.02 | 20,138.62 | 19,986.59 | 19,858.53 | 19,734.89 | 19,614.27 | 19,460.6 | |
| of which: home mortgages | 14,010.94 | 13,858.56 | 13,788.34 | 13,719.61 | 13,601.41 | 13,480.23 | 13,394.55 | 13,312.22 | 13,207.17 | 13,101.73 | 13,029.44 | 12,959.73 | 12,841.47 | |
| of which: consumer credit | 5,168.14 | 5,131.43 | 5,098.82 | 5,071.96 | 5,043.53 | 5,021.86 | 4,947.23 | 5,058.34 | 5,026.36 | 5,014.9 | 4,988.23 | 4,955.83 | 4,948.99 | |
| Nonfinancial business1 | 23,971.52 | 23,700.9 | 23,291.46 | 23,073.34 | 22,815.91 | 22,570.99 | 22,352.55 | 22,368.28 | 22,145.85 | 21,889.84 | 21,654.87 | 21,596.99 | 21,510.49 | |
| of which: corporate business | 15,698.56 | 15,486.36 | 15,169.39 | 15,074.25 | 14,890.24 | 14,714.37 | 14,548.27 | 14,637.03 | 14,463.79 | 14,261.65 | 14,076.82 | 14,052.65 | 13,997.12 | |
| Federal government | 34,924.53 | 34,472.93 | 33,908.99 | 33,238.52 | 31,998.71 | 31,880.91 | 31,616.72 | 31,023.44 | 30,314.32 | 30,021.14 | 29,471.81 | 28,795.54 | 27,923.71 | |
| State and local governments | 3,819.1 | 3,734.52 | 3,678.57 | 3,675.27 | 3,625.7 | 3,553.17 | 3,517.5 | 3,526.38 | 3,493.32 | 3,443.28 | 3,421.81 | 3,430.24 | 3,430.44 | |
| Domestic financial sectors | 27,662.39 | 27,005.22 | 26,434.56 | 26,228.26 | 26,479.75 | 25,911.49 | 25,188.07 | 25,375.15 | 24,986.57 | 24,726.18 | 24,825.06 | 25,087.2 | 25,686.53 | |
| Rest of the world (borrowing in US markets) | 8,610.97 | 8,161.53 | 7,942.9 | 7,784.27 | 7,575.51 | 7,246.56 | 6,766.91 | 6,762.9 | 6,547.49 | 6,401.5 | 6,426.12 | 6,188.26 | 6,186.5 | |
| Debt growth, seasonally adjusted annual rate3 | ||||||||||||||
| Domestic nonfinancial sectors4 | 5.17 | 5.93 | 5 | 8.81 | 3.42 | 3.75 | 4.37 | 5.89 | 3.88 | 5.01 | 4.7 | 6.2 | 5.45 | |
| Households and nonprofit organizations2 | 5.02 | 3.5 | 3.1 | 3.77 | 4.04 | 2.38 | 3 | 3.06 | 2.6 | 2.52 | 2.48 | 3.19 | 3 | |
| Home mortgages | 4.43 | 2.07 | 2.03 | 3.51 | 3.62 | 2.59 | 2.5 | 3.21 | 3.25 | 2.25 | 2.18 | 3.73 | 3.13 | |
| Consumer credit | 2.86 | 2.56 | 2.12 | 2.25 | 2.83 | 1.32 | 2.21 | 2.55 | 0.91 | 2.14 | 2.61 | 0.55 | 3.25 | |
| Nonfinancial business1 | 4.57 | 7.03 | 3.01 | 4.51 | 4.86 | 5.53 | 1.9 | 4.02 | 4.7 | 4.34 | 1.36 | 1.76 | 2.07 | |
| Corporate business | 5.48 | 8.36 | 1.72 | 4.94 | 5.57 | 7.06 | 0.91 | 4.79 | 5.7 | 5.25 | 1.01 | 1.74 | 2.13 | |
| Federal government | 5.24 | 6.65 | 8.07 | 15.5 | 1.48 | 3.34 | 7.65 | 9.36 | 3.91 | 7.46 | 9.39 | 12.49 | 10.26 | |
| State and local governments | 9.06 | 6.08 | 0.36 | 5.47 | 8.17 | 4.06 | -1.01 | 3.79 | 5.81 | 2.51 | -0.98 | -0.02 | 2.21 | |
| Domestic financial sectors | 9.74 | 8.64 | 3.15 | -3.79 | 8.78 | 11.49 | -2.94 | 6.23 | 4.22 | -1.59 | -4.14 | -9.28 | -9.78 | |
| Rest of the world | 21.68 | 15.18 | 9.15 | 9.09 | 13.39 | 22.55 | -1.09 | 8.22 | 13.52 | 3.53 | 13.98 | 5.54 | 13.25 | |
| PRIVATE CREDIT LOANS (nonbank direct lending)2 | ||||||||||||||
| Private credit loans, by borrower1 | 1,539.92 | 1,515.78 | 1,493.51 | 1,410.65 | 1,354.94 | 1,297.69 | 1,253.64 | 1,157.42 | 1,115.15 | 1,065.36 | 1,042.62 | 980.27 | 948.66 | |
| Other financial business | 152.59 | 149.68 | 147.77 | 137.2 | 132.89 | 127.31 | 121.84 | 111.59 | 106.98 | 102.89 | 100.22 | 93.51 | 89.8 | |
| Private credit loans, by lender4 | ||||||||||||||
| Business development companies | 470.25 | 468.75 | 455.91 | 425.76 | 391.07 | 366.83 | 340.82 | 308.93 | 281.76 | 253.49 | 238.1 | 225.68 | 217.38 | |
| Interval and tender offer funds | 79.94 | 77.72 | 76.26 | 68.89 | 61.92 | 57.12 | 53.05 | 46.44 | 40.69 | 36.04 | 34 | 29.14 | 27.25 | |
| Private debt funds (cost basis) | 554.11 | 543.52 | 532.16 | 500.84 | 497.38 | 485.02 | 480.61 | 450.57 | 444.63 | 436.42 | 432.46 | 407.13 | 396.28 | |
| Issuers of asset-backed securities (middle-market CLOs) | 55.08 | 52.68 | 53.7 | 51.75 | 49.32 | 40.32 | 42.94 | 38.78 | 34.1 | 30.89 | 31.67 | 30.09 | 29.04 |
Latest reading
Domestic nonfinancial sectors stood at 84,092.94 Billion USD in Q2 2026. That is +1.3% from Q1 2026 and +6.4% from a year earlier. The series on this page is quarterly and runs from Q4 1945 to Q2 2026. Source: Federal Reserve Board - Financial Accounts of the United States (Z.1).
- Latest
- 84,092.94 Billion USD
- Q2 2026
- vs previous period
- +1.3%
- Q1 2026
- vs a year earlier
- +6.4%
About this data
Credit market debt outstanding and its growth rate for the domestic nonfinancial sectors — households, business, federal government, and state and local government — from the Financial Accounts, together with the newer private credit series showing direct lending by nonbank lenders, split by borrower and by lender.
Frequently asked questions
- What does US debt outstanding by sector measure?
- It measures the total credit market debt owed by each sector of the US economy — households, nonfinancial business, federal government, state and local government, financial sectors and the rest of the world.
- Who publishes it and how far back does the series run?
- The Federal Reserve Board publishes it quarterly in the Financial Accounts of the United States (Z.1), with data back to the fourth quarter of 1945.
- What breakdowns does this table include?
- It separates debt levels from growth rates, and splits household debt into home mortgages and consumer credit, and business debt into corporate and noncorporate.
- How does this differ from the federal debt figures?
- Federal debt is only one line here. This table covers all borrowing in the economy, so it shows whether private borrowing is rising or falling while public borrowing moves the other way.
