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2023 End-of-Year Financial Statistics

Sarah Sharkey Updated: December 12, 2023 • 4 min read
end of year statistics 2023

Key Points:

  • Debt is on the rise.

  • Gen X is dealing with the largest debt burden.

  • Rising rates could put pressure on household budgets.

2023 is rapidly coming to a close. As we approach the New Year, it’s helpful to review our personal finance numbers for the year. In addition to a closer look at our own money numbers, it’s useful to take a look at the bigger picture.

We will explore the key financial statistics of 2023 and why these numbers matter.

A Year in Review: 2023 Financial Statistics

Focusing on your own financial situation is natural. But national financial statistics can help you contextualize the overarching economic trends.

Explore some of the key financial statistics of 2023 below.

Mortgage Interest Rates

Mortgage interest rates have been in the headlines throughout 2023. After a period of relatively low interest rates, the Federal Reserve started increasing the federal funds rate in early 2022. The rate hikes continued into 2023.

As the federal funds rate increased, so did mortgage interest rates. Since home loans are often the largest type of debt for a household, a small change in mortgage rates can have a big impact on the housing market.

Below is a look at the average quarterly rates on a 30-year fixed-rate home loan for 2023.

Time period Average mortgage rates
Q1 2023 6.4%
Q2 2023 6.5%
Q3 2023 7.0%
Q4 2023** 7.7%

**Note: Q4 2023 isn’t complete. The stated interest rate is Fannie Mae’s forecasted average rate for the quarter.

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Mortgage Balances

Mortgage balances have been growing throughout 2023. Rising housing prices and rising interest rates likely both contribute to the rising amount of mortgage debt that American households carry.

Time period Total mortgage debt balance
Q1 2023 19.07%
Q2 2023 20.09%
Q3 2023 20.84%
Q4 2023** Data not available yet

Since most credit cards have a variable interest rate, rate hikes from the Federal Reserve tend to have a direct impact on credit card APRs. For credit card users carrying a balance, rising rates present increasing interest costs.

Auto Loans

Transportation costs can eat into anyone’s budget, that’s especially true if you need to finance a vehicle. In 2023, the average mortgage cost of an auto loan payment rose.

The average loan amount for borrowers financing a new vehicle rose from $39,590 in 2022 to $40,850 in 2023. But the average amount financed to purchase a used vehicle fell from $28,684 in 2022 to $27,167 in 2023.

Here’s a look at how the monthly payment of financed vehicles has risen over time:

Time period Average monthly payment (new vehicle financing)
2021 $617
2022 $701
2023 $726


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Personal Loans

In the third quarter of 2023, total personal loan debt in the U.S. amounted to $241 billion. That balance is $31 billion higher than the same time last year. Not only has the number of consumers with a personal loan grown, but the average personal loan per borrower has also grown.

Below is a look at how personal loan balances have grown over time:

Time period Average personal loan balance per borrower
2020 $8,864
2021 $9,387
2022 $10,749
2023 $11,692

Student Loans

After an extended pause in federal student loan repayment expectations, federal student loan borrowers were directed to start making monthly payments in the fall of 2023. With student loan balances at a whopping $1.6 trillion, it’s likely households resuming these payments will feel the pinch.

What might surprise you about student loan debt is that not only the youngest people carry these loans. In fact, some borrowers carry student loans for decades. And average student loan balances tend to increase by age group.

Below is a breakdown of how student loan balances fall by age in the first quarter 2023.

Age group Average student loan balance
24 and younger $13,722.22
25 to 34 $32,707.48
35 to 49 $44,441.67
50 to 61 $47,660
61 and older $49,375

Debt by Generation

Generation 2022 2023
Generation Z (18-26) $13,814 $15,105
Millenials (27-42) $28,535 $29,702
Generation X (43-58) $30,376 $32,190
Baby boomers (59-77) $18,769 $19,203
Silent Generation (78+) $7,077 $7,067

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Why These Numbers Matter

Financial statistics can be alarming. Below are some things that stand out.

  • Debt is on the rise: The general trend for 2023 was rising interest rates and rising debt balances. If debt balances continue to rise, that could put a strain on household finances across the country.
  • Gen X is taking on debt faster: Gen X’s non-mortgage debt balances rose faster than any other generation’s.
  • Rising rates could put pressure on household budgets: Higher interest rates might stick around for a while, especially because inflation hasn’t fallen to the 2% target. If rates stay high, households in need of financing might feel the pressure.

The Bottom Line

2023 was a year of higher interest rates and rising debt balances.

If you are one of the millions of consumers with household debt, the end of the year is always a good time to evaluate your financial position. Some households looking for a way to get out from under sky-high credit card APRs might take the opportunity to pursue a debt consolidation loan or commit to an aggressive repayment plan.

Written by Sarah Sharkey linkedin-icon

Sarah Sharkey is a personal finance writer with a Master's in Management from the Hough School of Business at the University of Florida. She enjoys helping people make better financial decisions and has written for numerous personal finance publications, including Money Under 30, Business Insider, and The College Investor. Sarah enjoys traveling, hiking, and reading when she is not writing.