October 2023 U.S. National Consumer Credit Trends Reports

AS OF OCTOBER 2023, U.S. BANKCARD BALANCES INCREASED WHILE AVERAGE BANKCARD UTILIZATION REMAINED STEADY. Outstanding balances on U.S. bankcards increased 14.5% to $986.4 billion from October 2022 to October 2023. However, the average bankcard utilization has barely creeped up, increasing from 20.2% in October 2022 to 21.1% in October 2023. The October 2023 reported average credit limit for all bankcards issued in August 2023 was $5,626, a 13.4% increase compared to August 2022. 

Total U.S. consumer non-mortgage debt write-offs continue to grow to $10.66 billion, an increase of 57.8% from October 2022 to October 2023. The year-to-date non-mortgage write-off number is now above the year-to-date amount in 2019, but still below the total year peak of 2019. 

While auto loan and lease delinquencies continue to increase, they are still below the peak of January 2009. Monthly write-offs for auto loans and leases are far from the peak at nearly 50% of the March 2009 high. 

Consumer Credit Observations: 

• As of October 2023, total U.S. consumer debt is $17.13 trillion dollars, up 3.5% from October 2022. 

• Mortgage debt, including home equity loans, accounts for $12.41 trillion, making up 72.5% of total U.S. consumer debt. 

  • First mortgages are 95.8% of mortgage outstanding.

  • HELOCS are 2.7% of mortgage debt outstanding.

• Non-mortgage debt, totally $4.72 trillion in October 2023 breaks down into: 

  • 34.6% is from auto loans and leases.

  • 32.2% is from student loans.

  • 22.3% is from credit card balances.

• Non-mortgage consumer debt write-offs came in at $10.66 billion, an increase of 57.8% from October 2022. 

Auto Loans and Leases Observations: 

• Total outstanding balances on auto loans and leases have increased 4.7% year-over-year to $1.629 trillion. 

• The number of outstanding accounts has increased 0.3% to 86.7 million from October 2022 to October 2023. 

• The severe balance delinquency (60+ days past due) rate in October 2023 is 1.46%, which is 21 basis points higher than October 2022. 

Bankcard Portfolio Observations: 

• Outstanding balances on bankcards increased 14.5% year over year to $984.6 billion from October 2023 to October 2022. 

• The number of outstanding accounts is 544.5 million, a 5.2% increase from October 2022 to October 2023. 

• The severe balance delinquency rate (60+ days past due) as of October 2023 is 2.82%. In October 2022, the rate was 1.89%. 

• Average bankcard utilization for October 2023 was 21.1% compared to 20.2% in October 2022. 

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.