September 2024 Key Consumer Credit Insights

In the September 2024 Market Pulse Webinar, our panelists had a lively discussion about several end-of-year topics including the latest interest rate news from the Fed and how student loans are affecting consumer behavior.

Equifax Risk Advisor, Jesse Hardin, explained current consumer credit trends as we head into the end of 2024. 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.

As of May 2024, consumer originations slowed across several lending categories as higher rates, prices and tougher lending standards weigh on consumer demand¹: 

As of July 2024, non mortgage consumer debt outstanding has increased for auto, bankcards and personal loans, other categories, including student loan debt, have fallen²:

July 2024 also saw utilization and credit limit increases for bankcard and home equity, but limits fell for private label card²:

July 2024 delinquencies increased year over year in all categories but personal loans, confirming continued consumer stress²:

It is also important to keep in mind that starting October 1, 2024, delinquency on federal student loan debt will be reported to CRAs and will again impact credit scores³. Currently, 13.3 million borrowers are scheduled to pay at least some dollar amount, while 29 percent of borrowers are already past due. 

This will certainly be a credit trend to watch, so make sure you are registered for our next Market Pulse webinar on October 17. 

Stay in the know 

Again, 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.

For an overview of the full September 2024 Market Pulse Webinar, read the Market Pulse overview blog.

We hope you will join us for our October Market Pulse webinar taking place on Thursday, October 17. We will continue our discussion on year-end trends. 

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 US National Consumer Credit Trends Originations Report - Published Sep’24 - Originations through May‘24

2. Equifax US National Consumer Credit Trends Portfolio Report - Published Sep’24 - Data as of Jul’24

3. Source: GAO analysis of U.S. Department of Education data | GAO-24-107 150

(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.