Equifax : April 2024 U.S. National Consumer Credit Trends Reports

AS OF APRIL 2024, TOTAL U.S. CONSUMER DEBT was $17.46 trillion, up 2.8% from April 2023. Mortgage debt, including home equity loans, accounted for $12.73 trillion, a 72.9% share of total debt, while non-mortgage consumer debt totaled $4.74 trillion, with 34.6% of non-mortgage consumer debt attributable to auto loans and leases and 31.9% attributable to student loans.

Outstanding balances on U.S. bankcards increased to $1.01 trillion, up 10.0% from April 2023. However, the average bankcard utilization increased only slightly, from 20.5% in April 2023 to 21.0% in April 2024.

Additionally, outstanding balances on auto loans and leases increased 3.2% from April 2023, to $1.64 trillion.

Consumer Credit Observations:

• As of April 2024, total U.S. consumer debt was $17.46 trillion dollars, up 2.8% from April 2023.

• Mortgage debt, including home equity loans, accounts for $12.73 trillion, making up 72.9% of total U.S. consumer debt.

  • First mortgages were 95.7% of mortgage debt outstanding.

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

• Non-mortgage debt totaled $4.74 trillion in April 2024 and breaks down into:

  • 34.6% from auto loans and leases.

  • 31.9% from student loans.

  • 22.7% from credit card balances.

• Non-mortgage consumer debt write-offs came in at $12.60 billion, an increase of 46.1% from April 2023.

Auto Loans and Leases Observations:

• Total outstanding balances on auto loans and leases increased 3.2% year-over-year to $1.64 trillion.

• The number of outstanding accounts was 86.9 million, which is comparable to April 2023 levels.

• The severe balance delinquency (60+ days past due) rate in April 2024 was 1.3%, which is 18 basis points higher than April 2023.

Bankcard Portfolio Observations:

• Outstanding balances on bankcards increased 10.0% to $1.01 trillion year-over-year.

• The number of outstanding accounts was 550.0 million, a 3.3% increase from a year ago.

• The severe balance delinquency rate (60+ days past due), as of April 2024 was 3.06%. In April 2023, the rate was 2.35%.

• Average bankcard utilization for April 2024 was 21.0%, compared to 20.5% in April 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.