March 2024 U.S. National Consumer Credit Trends Reports

May 02, 2024

AS OF MARCH 2024, TOTAL U.S. CONSUMER DEBT was $17.39 trillion, up 2.6% from March 2023. Mortgage debt, including home equity loans, accounted for $12.65 trillion, a 72.8% share of total debt, while non-mortgage consumer debt totaled $4.73 trillion, with 34.6% of non-mortgage consumer debt attributable to auto loans and leases and 32.0% attributable to student loans.

Outstanding balances on U.S. bankcards increased to $1.00 trillion, up 10.7% from March 2023. However, the average bankcard utilization increased only slightly, from 20.4% in March 2023 to 21.1% in March 2024. 

Additionally, outstanding balances on auto loans and leases increased 3.2% from March 2023, to $1.64 trillion.

Consumer Credit Observations: 

  • As of March 2024, total U.S. consumer debt was $17.39 trillion dollars, up 2.6% from March 2023. 

  • Mortgage debt, including home equity loans, accounts for $12.65 trillion, making up 72.8% of total U.S. consumer debt. 

    • First mortgages were 95.8% of mortgage debt outstanding.
    • Home Equity Lines of Credit (HELOCs) were 2.7% of mortgage debt outstanding.
  • Non-mortgage debt totaled $4.73 trillion in March 2024 and breaks down into: 

    • 34.6% from auto loans and leases.

    • 32% from student loans.

    • 22.6% from credit card balances.

  • Non-mortgage consumer debt write-offs came in at $12.69 billion, an increase of 41.8% from March 2023. 

Auto Loans and Leases Observations: 

  • Total outstanding balances on auto loans and leases increased 3.2% year-over-year to $1.64 trillion. 

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

  • The severe balance delinquency (60+ days past due) rate in March 2024 was 1.8%, which is 16 basis points higher than March 2023. 

Bankcard Portfolio Observations: 

  • Outstanding balances on bankcards increased 10.7% to $1.00 trillion year-over-year. 

  • The number of outstanding accounts was 548.1 million, a 3.3% increase from a year ago. 

  • The severe balance delinquency rate (60+ days past due), as of March 2024 was 3.1%. In March 2023, the rate was 2.4%. 

  • Average bankcard utilization for March 2024 was 21.1%, compared to 20.4% in March 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.