May 2024 U.S. National Consumer Credit Trends Reports

AS OF MAY 2024, TOTAL U.S. CONSUMER DEBT was $17.43 trillion, up 2.9% from May 2023. Mortgage debt, including home equity loans, accounted for $12.70 trillion, a 72.9% share of total debt, while non-mortgage consumer debt totaled $4.73 trillion, with 34.7% of non-mortgage consumer debt attributable to auto loans and leases and 31.7% attributable to student loans.

Outstanding balances on U.S. bankcards increased to $1.01 trillion, up 8.8% from May 2023. However, the average bankcard utilization increased only slightly, from 20.6% in May 2023 to 21.1% in May 2024.

Additionally, outstanding balances on auto loans and leases increased 2.9% from May 2023, to $1.64 trillion.

Consumer Credit Observations:

• As of May 2024, total U.S. consumer debt was $17.43 trillion dollars, up 2.9% from May 2023.

• Mortgage debt, including home equity loans, accounted for $12.70 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 2.8% of mortgage debt outstanding.

• Non-mortgage debt totaled $4.73 trillion in May 2024 and broke down into:

  • 34.7% from auto loans and leases,

  • 31.7% from student loans, and,

  • 22.8% from credit card balances.

• Non-mortgage consumer debt write-offs came in at $11.19 billion, an increase of 18.7% from May 2023.

Auto Loans and Leases Observations:

• Total outstanding balances on auto loans and leases increased 2.9% year-over-year to $1.64 trillion.

• The number of outstanding accounts was 86.8 million, which is comparable to May 2023 levels.

• The severe balance delinquency (60+ days past due) rate in May 2024 was 1.3%, which is 13 basis points higher than May 2023.

Bankcard Portfolio Observations:

• Outstanding balances on bankcards increased 8.8% to $1.01 trillion year-over-year.

• The number of outstanding accounts was 550.0 million, a 3.0% increase from a year ago.

• The severe balance delinquency rate (60+ days past due), as of May 2024 was 2.94%. In May 2023, the rate was 2.35%.

• Average bankcard utilization for May 2024 was 21.1%, compared to 20.6% in May 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.