June 2024 U.S. National Consumer Credit Trends Reports

AS OF JUNE 2024, TOTAL U.S. CONSUMER DEBT was $17.51 trillion, up 3.9% from June 2023. Mortgage debt, including home equity loans, accounted for $12.77 trillion, a 72.9% share of total debt, while non-mortgage consumer debt totaled $4.74 trillion, with 34.7% of non-mortgage consumer debt attributable to auto loans and leases and 31.5% attributable to student loans.

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

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

Consumer Credit Observations:

• As of June 2024, total U.S. consumer debt was $17.51 trillion dollars, up 3.9% from June 2023.

• Mortgage debt, including home equity loans, accounted for $12.77 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 $4.74 trillion in June 2024 and broke down into:

  • 34.7% from auto loans and leases,

  • 31.5% from student loans, and,

  • 23.0% from credit card balances.

• Year-to-date non-mortgage consumer debt write-offs stand at $72.52 billion and is the highest YTD value (through June) going back to 2012

Auto Loans and Leases Observations:

• Total outstanding balances on auto loans and leases increased 2.8% year-over-year to $1.64 trillion.

• The number of outstanding accounts was 86.9 million, which is slightly up vs. June 2023 levels.

• The severe balance delinquency (60+ days past due) rate in June 2024 was 1.4%, which is 9 basis points higher than June 2023.

Bankcard Portfolio Observations:

• Outstanding balances on bankcards increased 8.1% to $1.02 trillion year-over-year.

• The number of outstanding accounts was 550.2 million, a 2.6% increase from a year ago.

• The severe balance delinquency rate (60+ days past due) as of June 2024 was 2.83%. In June 2023, the rate was 2.34%.

• Average bankcard utilization for June 2024 was 21.2%, compared to 20.8% in June 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.