The collection agency analyzed the evolution of mortgages as well as auto, credit card and student loans since 2003 and found total debt grew by 81.5% over the past 20 years. 

Although the total amount of debt decreased temporarily after the 2008 financial crisis, the study found the amount owed has been growing rapidly since, outpacing inflation. 

With over $100,000 in debt, residents of Washington, D.C., struggle with the highest amount, followed by households in Hawaii and Washington, the study said. Conversely, with around $35,000, residents of West Virginia, Mississippi and Arkansas live with the least amount of debt. 

Mortgage debt is 18% higher than at the peak of the subprime crisis. It has been rising steadily since a low point in 2015 but grew minimally between 2023 and 2024. Mortgages remain the main debt source for American households, representing three-quarters of the total, or 74%.

Although credit card debt has shown minimal growth since 2023 and saw the lowest percentage increase of the observed types of debt, it is at an all-time high and has spiked exponentially since the pandemic. 

Towards the end of 2023, credit card balance delinquencies rose to 9%, a rate not seen in more than a decade, according to the Federal Reserve Bank of New York. 

As of May, major card issuing banks held the belief that credit quality is slowly returning to pre-pandemic levels, taking into account inflation and unemployment. The study shows credit card debt has increased by 33% since 2020 and does not yet imply a future decline. 

The overall level of debt increase varies greatly by state. The District of Columbia saw the highest increase at 143%, more than doubling since 2003. The highest increases over time took place in Northern states like North Dakota, Montana, Utah and Idaho.