Total household debt in the U.S. increased by $93 billion (0.5%) in the fourth quarter of 2024, reaching $18.04 trillion, according to the latest report from the New York Federal Reserve’s Consumer Credit Panel. The report provides a comprehensive overview of debt trends across various categories, accompanied by a summary of key takeaways and supporting data points.
The New York Fed also released an analysis on auto loan delinquency rates, highlighting continued financial strain in the sector.
“While mortgage delinquency rates have returned to pre-pandemic levels, auto loan delinquencies remain elevated across all credit scores and income levels,” said Wilbert van der Klaauw, Economic Research Advisor at the New York Fed.
While aggregate delinquency rates edged up slightly, with 3.6% of outstanding debt in some stage of delinquency, most debt categories held steady. However, credit card delinquencies saw a slight uptick, and serious delinquencies (90+ days past due) rose for auto loans, credit cards, and HELOCs, though mortgage delinquencies remained stable.
| Category | Quarterly Change ($B) | Annual Change ($B) | Total Debt ($T) |
|---|---|---|---|
| Mortgage Debt | +11 | +353 | 12.61 |
| HELOC | +9 | +36 | 0.40 |
| Student Loans | +9 | +14 | 1.62 |
| Auto Loans | +11 | +48 | 1.66 |
| Credit Cards | +45 | +82 | 1.21 |
| Other Debt | +8 | 0 | 0.55 |
| Total Debt | +93 | +533 | 18.04 |
As household debt levels continue to climb, trends in credit card and auto loan delinquencies indicate growing financial pressure for many Americans, despite a stable mortgage market.
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