November 2023 U.S. National Consumer Credit Trends Reports

AS OF NOVEMBER 2023, TOTAL U.S. CONSUMER NON-MORTGAGE DEBT WRITE-OFFS HAVE DECREASED to $9.83 billion from $10.66 billion in October 2023, but the year-to-date non-mortgage write-off number is now at $101.4 billion, an increase of 54.9% vs. November 2022. Write-offs are defined as accounts in bankruptcy status.

Outstanding balances on U.S. bankcards continue to increase to $993.4 billion, up 13.4% from November 2022. However, the average bankcard utilization only increased slightly, from 20.3% in November 2022 to 21.2% in November 2023. 

Additionally, auto loan and lease delinquencies continue to increase, to $1.629 trillion, up 4.2% from November 2022.

Consumer Credit Observations: 

• As of November 2023, total U.S. consumer debt is $17.19 trillion dollars, up 3.3% from November 2022. 

• Mortgage debt, including home equity loans, accounts for $12.48 trillion, making up 72.6% of total U.S. consumer debt. 

  • First mortgages are 95.8% of mortgage debt outstanding.

  • Home Equity Lines of Credit (HELOCs) are 2.7% of mortgage debt outstanding.

• Non-mortgage debt, totaled $4.71 trillion in November 2023 breaks down into: 

  • 34.6% is from auto loans and leases.

  • 32.1% is from student loans.

  • 22.5% is from credit card balances.

• Non-mortgage consumer debt write-offs came in at $9.83 billion, an increase of 57.8% from November 2022. 

Auto Loans and Leases Observations: 

• Total outstanding balances on auto loans and leases have increased 4.2% year-over-year to $1.629 trillion. 

• The number of outstanding accounts has increased 0.2% to 86.6 million from November 2022 to November 2023. 

• The severe balance delinquency (60+ days past due) rate in November 2023 is 1.48%, which is 20 basis points higher than November 2022. 

Bankcard Portfolio Observations: 

• Outstanding balances on bankcards increased 13.4% year-over-year to $993.4 billion from November 2022 to November 2023. 

• The number of outstanding accounts is 545.9 million, a 4.9% increase from November 2022 to November 2023. 

• The severe balance delinquency rate (60+ days past due) as of November 2023 is 2.94%. In November 2022, the rate was 2.07%. 

• Average bankcard utilization for November 2023 was 21.2% compared to 20.3% in November 2022. 

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.