October 2024 Key Consumer Credit Insights

In the October 2024 Market Pulse Webinar, our panelists discussed end-of-year planning, as well as the 2025 economic forecast. For a recap of that information, read this month's insights overview blog. 

Equifax Risk Advisor Tom O’Neill explained current consumer credit trends as we head into 2025. While this overview is meant to be a snapshot of the larger discussion, you can receive full access to the standard charts and graphs by reaching out to the Equifax Risk Advisory team: RiskAdvisors@Equifax.com.

October 2024 Consumer Credit Trends

 

As of June 2024, consumer originations slowed across several lending categories as higher rates, prices and tougher lending standards weighed on consumer demand.¹

As of August 2024, non-mortgage consumer outstanding debt has increased for auto, bankcards, and personal loans; other categories including student loan debt have fallen.²

August 2024 saw utilization and credit limit increases for bankcard and home equity, but these were mixed for private label card.²

August 2024 delinquencies increased year over year confirming continued consumer stress.²

Economic conditions have different impacts on different consumers, and this illustration shows consumer changes since the summer of 2021 thanks to the K-shaped economy.³ In other words, some households have the financial capacity to continue to spend, save, and pay down debt despite inflation and economic uncertainty, while others struggle to pay for higher priced goods, services, housing and transportation that may result in delinquency.

Stay in the know 

To receive full access to the standard charts and graphs referenced in this report, reach out to the Equifax Risk Advisory team: RiskAdvisors@Equifax.com.

We hope you will join us for our November Market Pulse Webinar taking place on Thursday, November 14. We will focus on global trends and how they are impacting U.S. and international markets. 

You can find our monthly Small Business Insights, National Consumer Credit Trends reports, the Market Pulse podcast, and more at our Market Pulse hub. 

Finally, connect with us on YouTube and LinkedIn for even more content to help you focus on forward. 

Sources:

1. Equifax U.S. National Consumer Credit Trends Origination Report - Published Oct. ‘24 - Originations through June ‘24

2. Equifax U.S. National Consumer Credit Trends Portfolio Report - Published Oct. ‘24 - Data as of Aug. ‘24

3. Equifax Market Pulse Credit Trends - data through August 2024 - Not Seasonally Adjusted 

(c) Equifax Inc. 2024. All Rights Reserved. The statistics provided herein are for informational and illustrative purposes only and shall not be used for any other purpose.

*The opinions, estimates, and forecasts presented herein are for general information use only. This material is based upon information that we consider to be reliable, but we do not represent that it is accurate or complete. No person should consider distribution of this material as making any representation or warranty with respect to such material and should not rely upon it as such. Equifax does not assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice. The opinions, estimates, forecasts, and other views published herein represent the views of the presenters as of the date indicated and do not necessarily represent the views of Equifax or its management.