January 2024 U.S. National Consumer Credit Trends Reports

March 08, 2024

AS OF JANUARY 2024, TOTAL U.S. CONSUMER DEBT was $17.33 trillion, up from 2.3% vs. January 2023. Mortgage debt, including home equity loans, accounted for $12.58 trillion, a 72.6% share of total debt, while non-mortgage consumer debt totaled $4.75 trillion, with 34.3% of non-mortgage consumer debt attributable to auto loans and leases.

Outstanding balances on U.S. bankcards continued to increase to $1.02 trillion, up 12.1% from January 2023. However, the average bankcard utilization increased only slightly, from 20.9% in January 2023 to 21.6% in January 2024. 

Additionally, auto loan and lease delinquencies continued to increase to $1.629 trillion, up 3.4% from January 2023.

Consumer Credit Observations: 

  • As of January 2024, total U.S. consumer debt was $17.33 trillion dollars, up 2.3% from January 2023. 

  • Mortgage debt, including home equity loans, accounts for $12.58 trillion, making up 72.6% of total U.S. consumer debt. 

    • First mortgages are 95.8% of mortgage debt outstanding.

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

  • Non-mortgage debt totaled $4.75 trillion in January 2024 and breaks down into: 

    • 34.3% from auto loans and leases.

    • 31.9% from student loans.

    • 23.0% from credit card balances.

  • Non-mortgage consumer debt write-offs came in at $12.98 billion, an increase of 41.8% from January 2023. 

Auto Loans and Leases Observations: 

  • Total outstanding balances on auto loans and leases increased 3.4% year-over-year to $1.629 trillion. 

  • The number of outstanding accounts increased 0.1% to 86.6 million from January 2023 to January 2024. 

  • The severe balance delinquency (60+ days past due) rate in January 2024 was 1.59%, which is 17 basis points higher than January 2023. 

Bankcard Portfolio Observations: 

  • Outstanding balances on bankcards increased 12.1% year-over-year to $1.02 trillion from January 2023 to January 2024. 

  • The number of outstanding accounts was 549.2 million, a 4.6% increase from a year ago. 

  • The severe balance delinquency rate (60+ days past due), as of January 2024, was 3.11%. In January 2023, the rate was 2.29%. 

  • Average bankcard utilization for January 2024 was 21.6%, compared to 20.9% in January 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 three trends across the globe from the first half of 2023, please visit our site for Global Credit Trends.