📈 U.S. Household Debt Relative to M2 Money Supply Fell to Half Its 2007 Level by 2024

The ratio of U.S. household debt and credit to M2 money supply declined steadily from 166% in Q4 2007 (Global Financial Crisis) to 84% in Q4 2024. By 2024, mortgage debt relative to M2 had fallen by 52%, auto loans by 30%, and credit card debt by 50%, while student loan debt increased by 2%. From 2003 to 2024, the ratio had already declined by 37%.