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Data covering the last 15 years, and accounting for common projections for 2024, indicates that the per capita U.S. debt has been growing at an annual rate of 7.40%, with the burden on Americans growing from approximately $35,000 in 2008 to about $101,000 in 2023.

According to the analysis by Finbold, a finance news and analysis platform, the debt has been rising approximately faster than the U.S. population has been growing.

The biggest uptick was in 2020, a major crisis year due to the Covid-19 pandemic, which saw the debt placed on Americans rise 18.45% from $70,000 per capita to $83,000.

The President Joe Biden administration has also been overseeing a trend of high debt-taking, with each American's burden growing 6.5% in 2021, 5.78% in 2022, and 7.69% in 2023. Additionally, it is projected it will have grown by approximately 7.38% in the final year of the current Democratic administration.

“The issue of ever-growing debt is bound to be sticky no matter the administration, given that the Republican persistent failure to match tax cuts with sufficient expenditure reductions is paired with the Democratic tendency to increase spending in certain areas,” said Andreja Stojanovic, one of the authors of the research.