March 2025 U.S. National Consumer Credit Trends Report

AS OF MARCH 2025, THE MONTHLY EQUIFAX CONSUMER CREDIT TRENDS REPORT showed that total U.S. consumer debt was $17.69 trillion, up 1.8% from March 2024. Mortgage debt, including home equity loans, accounted for $13.09 trillion, a 74% share of total debt, while non-mortgage consumer debt totaled $4.60 trillion, with 36.2% of non-mortgage consumer debt attributable to auto loans and leases and 37.7% attributable to student loans. 

Outstanding balances on auto loans and leases increased 2% from March 2024, to $1.67 trillion in March 2025.

Outstanding balances on U.S. bankcards increased to $1.04 trillion in March 2025, up 4.1% from March 2024. Average bankcard utilization stood at 20.7%, which is a slight decrease from 21.1% in March 2024. 

Consumer Credit Observations: 

• As of March 2025, total U.S. consumer debt was $17.69 trillion dollars, up 1.8% from March 2024. 

• Mortgage debt, including home equity loans, accounted for $13.09 trillion in March 2025, making up 74% of total U.S. consumer debt. 

  • First mortgages were 95.5% of mortgage debt outstanding.

  • Home Equity Lines of Credit (HELOCs) were 2.9% of mortgage debt outstanding.

• Non-mortgage debt totaled $4.60 trillion in March 2025 and broke down into: 

  • 36.2% from auto loans and leases,

  • 28.6% from student loans,

  • 24% from credit card balances and

  • 11.2% from other products.

Auto Loans and Leases Observations: 

• Total outstanding balances on auto loans and leases increased 2% from March 2024 to $1.67 trillion. 

• The number of outstanding accounts increased 0.6% from March 2024 to 87.3 million.

• The severe balance delinquency (60+ days past due) rate in March 2025 was 1.51%, which is four basis points higher than March 2024. 

Bankcard Portfolio Observations: 

• Outstanding balances on bankcards increased 4.1% from March 2024 to $1.04 trillion. 

• The number of outstanding accounts was 576.9 million in March 2025, a 5.3% increase from March 2024. 

• The severe balance delinquency rate (60+ days past due) as of March 2025 was 3.09%. In March 2024, the rate was 3.12%. 

• Average bankcard utilization for March 2025 was 20.7%, compared to 21.1% year over year.

Equifax publishes monthly U.S. Consumer Credit Insights here - including information on private-label credit cards, consumer finance, student loans and credit originations. Additionally, Global Credit Trends from the third quarter of 2024 can be explored here. 

(c) Equifax Inc. 2025. All Rights Reserved. The information presented herein is sourced from Equifax internal records and is to be used for general informational use only.