August 2024 U.S. National Consumer Credit Trends Report
AS OF AUGUST 2024, TOTAL U.S. CONSUMER DEBT was $17.54 trillion, up 2.7% from August 2023. Mortgage debt, including home equity loans, accounted for $12.81 trillion, a 73% share of total debt, while non-mortgage consumer debt totaled $4.73 trillion, with 35% of non-mortgage consumer debt attributable to auto loans and leases and 30.8% attributable to student loans.
Outstanding balances on auto loans and leases increased 2.6% from August 2023, to $1.65 trillion in August 2024.
Outstanding balances on U.S. bankcards increased to $1.04 trillion in August 2024, up 6.8% from August 2023. However, the average bankcard utilization increased only slightly, from 21.03% in August 2023 to 21.3% in August 2024.
Consumer Credit Observations:
As of August 2024, total U.S. consumer debt was $17.54 trillion dollars, up 2.7% from August 2023.
Mortgage debt, including home equity loans, accounted for $12.81 trillion in August 2024, making up 73% of total U.S. consumer debt.
First mortgages were 95.6% of mortgage debt outstanding.
Home Equity Lines of Credit (HELOCs) were 2.8% of mortgage debt outstanding.
Non-mortgage debt totaled $4.73 trillion in August 2024 and broke down into:
35% from auto loans and leases,
30.8% from student loans, and,
23.3% from credit card balances.
Year-to-date, non-mortgage consumer debt has risen 70.6% over the last ten years, compared to August 2014.
Auto Loans and Leases Observations:
Total outstanding balances on auto loans and leases increased 2.6% from August 2023 to $1.65 trillion.
The number of outstanding accounts was 87.0 million in August 2024, which is slightly up vs. August 2023 levels.
The severe balance delinquency (60+ days past due) rate in August 2024 was 1.53%, which is 12 basis points higher than August 2023.
Bankcard Portfolio Observations:
Outstanding balances on bankcards increased 6.8% from August 2023 to $1.04 trillion.
The number of outstanding accounts was 551.3 million in August 2024, a 1.6% increase from August 2023.
The severe balance delinquency rate (60+ days past due) as of August 2024 was 2.92%. In August 2023, the rate was 2.56%.
Average bankcard utilization for August 2024 was 21.3%, compared to 21.03% in August 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 trends across the globe from 2023, please visit our site for Global Credit Trends.