AS OF FEBRUARY 2024, TOTAL U.S. CONSUMER DEBT was $17.37 trillion, up 2.8% from February 2023. Mortgage debt, including home equity loans, accounted for $12.63 trillion, a 72.7% share of total debt, while non-mortgage consumer debt totaled $4.74 trillion, with 34.5% of non-mortgage consumer debt attributable to auto loans and leases.

Outstanding balances on U.S. bankcards continued to increase to $1.01 trillion, up 11.9% from February 2023. However, the average bankcard utilization increased slightly, from 20.5% in February 2023 to 21.3% in February 2024.

Additionally, outstanding balances on auto loans and leases have increased 3.1% from February 2023, to $1.633 trillion.

Consumer Credit Observations:

  • As of February 2024, total U.S. consumer debt was $17.37 trillion dollars, up 2.8% from February 2023.

  • Mortgage debt, including home equity loans, accounts for $12.63 trillion, making up 72.7% of total U.S. consumer debt.
    • First mortgages are 95.8% of mortgage debt outstanding.
    • Home Equity Lines of Credit (HELOCs) were 2.7% of mortgage debt outstanding.
  • Non-mortgage debt totaled $4.74 trillion in February 2024 and breaks down into:
    • 34.5% from auto loans and leases.
    • 31.9% from student loans.
    • 22.8% from credit card balances.

  • Non-mortgage consumer debt write-offs came in at $11.61 billion, an increase of 32.7% from February 2023.

Auto Loans and Leases Observations:

  • Total outstanding balances on auto loans and leases increased 3.1% year-over-year to $1.633 trillion.

  • The number of outstanding accounts stands at 86.6 million, which is comparable to February 2023 levels.

  • The severe balance delinquency (60+ days past due) rate in February 2024 was 1.61%, which is 17 basis points higher than February 2023.

Bankcard Portfolio Observations:

  • Outstanding balances on bankcards increased 11.9% to $1.01 trillion from February 2023 to February 2024.

  • The number of outstanding accounts was 548.4 million, a 4.1% increase from a year ago.

  • The severe balance delinquency rate (60+ days past due), as of February 2024 was 3.21%. In February 2023, the rate was 2.40%.

  • Average bankcard utilization for February 2024 was 21.3%, compared to 20.5% in February 2023.

Equifax publishes monthly U.S. Consumer Credits - including information on private-label credit cards, consumer finance, student loans, and credit originations. Visit our site for U.S. economic and credit insights. To view our top three trends across the globe from the first half of 2023, please visit our site for Global Credit Trends.

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Equifax Inc. published this content on 01 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2024 14:37:05 UTC.