U.S. government debt exceeds $31 trillion: What it means for the largest economy

The U.S. national debt exceeded $31 trillion for the first time in history, data from the U.S. Treasury Department show.

As of October 3, the United States owed 31 trillion, 123 billion, 887 million, 781,401 dollars and 34 cents.

Individuals are the holders of most of the debt, accounting for more than $24 trillion.

U.S. debts to foreign governments total nearly seven trillion dollars.

According to media reports, debt service is becoming increasingly costly in the face of rising interest rates.