The Federal Reserve Bank of New York’s Center for Microeconomic Data published its Quarterly Report on Household Debt and Credit, showing total household debt increased by USD 191 billion (1.0%) in Q4 2025 to USD 18.8 trillion (USD 740 billion higher than Q4 2024). Aggregate delinquency worsened, with 4.8% of outstanding debt in some stage of delinquency; mortgage delinquencies continued to rise, with deterioration concentrated in lower-income areas and areas with declining home prices, while early delinquencies for non-housing debts were broadly steady. Mortgage balances rose by USD 98 billion to USD 13.17 trillion, while credit card balances increased by USD 44 billion to USD 1.28 trillion, auto loans by USD 12 billion to USD 1.67 trillion, HELOCs by USD 11.6 billion to USD 434 billion, and student loans by USD 11 billion to USD 1.66 trillion. New mortgage originations totalled USD 524 billion in Q4 2025, new auto loans appearing on credit reports were USD 181 billion, credit card limits rose by USD 95 billion, and HELOC limits increased by USD 25 billion (2.5%). Transitions into serious delinquency ticked up for credit cards, mortgages, and student loans, with the student loan delinquency rate remaining elevated at 9.6% of balances 90+ days delinquent and around one million borrowers more than 120 days past due transferred to the U.S. Department of Education’s Default Resolution Group.

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