July 2024 U.S. National Consumer Credit Trends Report

AS OF JULY 2024, TOTAL U.S. CONSUMER DEBT was $17.50 trillion, up 2.8% from July 2023. Mortgage debt, including home equity loans, accounted for $12.76 trillion, a 72.9% share of total debt, while non-mortgage consumer debt totaled $4.74 trillion, with 34.8% of non-mortgage consumer debt attributable to auto loans and leases and 31.2% attributable to student loans.

Outstanding balances on auto loans and leases increased 2.7% from July 2023, to $1.651 trillion in July 2024.

Outstanding balances on U.S. bankcards increased to $1.03 trillion in July 2024, up 7.4% from July 2023. However, the average bankcard utilization increased only slightly, from 20.9% in July 2023 to 21.2% in July 2024.

Consumer Credit Observations:

• As of July 2024, total U.S. consumer debt was $17.50 trillion dollars, up 2.8% from July 2023.

• Mortgage debt, including home equity loans, accounted for $12.76 trillion in July 2024, making up 72.9% 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 $4.74 trillion in July 2024 and broke down into:

  • 34.8% from auto loans and leases,

  • 31.2% from student loans, and,

  • 23.1% from credit card balances.

• Year-to-date, non-mortgage consumer debt has risen 70.6% over the last ten years, compared to July 2014.

Auto Loans and Leases Observations:

• Total outstanding balances on auto loans and leases increased 2.7% from July 2023 to $1.651 trillion.

• The number of outstanding accounts was 87.0 million in July 2024, which is slightly up vs. July 2023 levels.

• The severe balance delinquency (60+ days past due) rate in July 2024 was 1.49%, which is 15 basis points higher than July 2023.

Bankcard Portfolio Observations:

• Outstanding balances on bankcards increased 7.4% from July 2023 to $1.03 trillion.

• The number of outstanding accounts was 551.4 million in July 2024, a 2.2% increase from July 2023.

• The severe balance delinquency rate (60+ days past due) as of July 2024 was 2.91%. In July 2023, the rate was 2.46%.

• Average bankcard utilization for July 2024 was 21.2%, compared to 20.9% in July 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.