October 2024 U.S. National Consumer Credit Trends Report

AS OF OCTOBER 2024, TOTAL U.S. CONSUMER DEBT was $17.58 trillion, up 2.6% over a year ago. Mortgage debt, including home equity loans, accounted for $12.94 trillion, a 73.6% share of total debt, while non-mortgage debt totaled $4.64 trillion, with 35.8% of non-mortgage consumer debt attributable to auto loans and leases, and 29.2% attributable to student loans.

Outstanding balances on auto loans and leases have increased 2.1% from October 2023 to $1.662 trillion in October 2024.

Outstanding balances on U.S. bankcards increased to $1.05 trillion in October 2024, up 6.1% from October 2023. However, the average bankcard utilization increased only slightly, from 21.1% in October 2023 to 21.2% in October 2024.

Consumer Credit Observations: 

• As of October 2024, Total US consumer debt was $17.58 trillion, up 2.6% from October 2023.

• Mortgage debt, including home equity loans, accounted for $12.94 trillion October 2024, making up 73.6% 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 $4.64 trillion in October 2024 and broke down into:

  • 35.8% from auto loans and leases

  • 29.2% from student loans, and,

  • 23.9% from credit card balances.

• Year-to-date, non-mortgage consumer debt has risen 51.3% over the last ten years, compared to October 2014.

Auto Loans and Leases Observations: 

• Total outstanding balances on auto loans and leases have increased 2.1% from October 2023 to $1.662 trillion.

• The number of outstanding accounts was 87.2 million in October 2024, which is slightly up vs. October 2023 levels.

• The severe delinquency (60+ days past due) rate in October 2024 was 1.56%, which is 10 basis points higher than October 2023.

Bankcard Portfolio Observations: 

• Outstanding balances on bankcards increased 6.1% from October 2023 to $1.05 trillion.

• The number of outstanding accounts was 563.8 million in October 2024, a 3.6% increase from October 2023.

• The severe delinquency rate (60+ days past due) as of October 2024 was 3.09%. In October 2023, the rate stood at 2.82%.

• Average bankcard utilization for October 2024 was 21.2%, compared to 21.1% in October 2023.

Equifax publishes monthly U.S. Consumer Credit - 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 2024, please visit our site for Global Credit Trends.