Student Loan Debt Compared to Other Household Debt, 2004-2013
Student loan debt rose from 260 billion dollars to 990 billion dollars between 2004 and 2013, while credit card debt, auto loan debt, and other miscellaneous debts stayed relatively stable or decreased. As of the first quarter of 2013, student loan debt was the second highest household debt at 990 billion (or, 0.99 trillion) dollars. However, housing loans remained the highest level of household debt in the United States, rising from 6.83 trillion dollars in 2004 to 8.38 trillion dollars in 2013.
I. US Student Loan, Credit Card, Auto Loan, & Other Debt, 2004-2013 (in billions)
II. US Student Loan & Housing Loan Debt,
2004-2013 (in trillions)
Sources: Federal Reserve Bank of New York, "Household Debt and Credit Report," www.newyorkfed.org (accessed Oct. 16, 2013)
Federal Reserve Bank of New York, "Student Loan Debt by Age Group," www.newyorkfed.org, Mar. 29, 2013