December 2024 U.S. National Consumer Credit Trends Report

AS OF DECEMBER 2024, THE MONTHLY EQUIFAX CONSUMER CREDIT TRENDS REPORT showed that total U.S. consumer debt was $17.55 trillion, up 1.6% from December 2023. Mortgage debt, including home equity loans, accounted for $12.86 trillion, a 73.3% share of total debt, while non-mortgage consumer debt totaled $4.69 trillion, with 35.7% of non-mortgage consumer debt attributable to auto loans and leases and 28.8% attributable to student loans. 

Outstanding balances on auto loans and leases increased 2.4% from December 2023, to $1.67 trillion in December 2024.

Outstanding balances on U.S. bankcards increased to $1.08 trillion in December 2024, up 5.8% from December 2023. Average bankcard utilization stood at 21.7%, which is comparable year over year.

Consumer Credit Observations: 

• As of December 2024, total U.S. consumer debt was $17.55 trillion dollars, up 1.6% from December 2023. 

• Mortgage debt, including home equity loans, accounted for $12.86 trillion in December 2024, making up 73.3% of total U.S. consumer debt. 

  • First mortgages were 95.5% of mortgage debt outstanding.

  • Home Equity Lines of Credit (HELOCs) were 2.9% of mortgage debt outstanding.

• Non-mortgage debt totaled $4.69 trillion in December 2024 and broke down into: 

  • 35.7% from auto loans and leases,

  • 28.8% from student loans, and,

  • 24.4% from credit card balances.

Auto Loans and Leases Observations: 

• Total outstanding balances on auto loans and leases increased 2.4% from December 2023 to $1.67 trillion. 

• The number of outstanding accounts increased 1.1% from December 2023 to 87.5 million.

• The severe balance delinquency (60+ days past due) rate in December 2024 was 1.58%, which is 4 basis points higher than December 2023. 

Bankcard Portfolio Observations: 

• Outstanding balances on bankcards increased 5.8% from December 2023 to $1.08 trillion. 

• The number of outstanding accounts was 566.5 million in December 2024, a 3.5% increase from December 2023. 

• The severe balance delinquency rate (60+ days past due) as of December 2024 was 3.16%. In December 2023, the rate was 3.02%. 

• Average bankcard utilization for December 2024 was 21.7%, which is comparable year over year.

Equifax publishes monthly U.S. Consumer Credit Insights here - including information on private-label credit cards, consumer finance, student loans, and credit originations. Additionally, Global Credit Trends from the first half of 2024 can be explored here. 

(c) Equifax Inc. 2025. All Rights Reserved. The information presented herein is sourced from Equifax internal records and is to be used for general informational use only.