The Federal Reserve Bank of New York’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit for Q2 2025, showing total household debt increased by USD 185 billion (1%) from Q1 to USD 18.39 trillion. Flows into serious delinquency were mixed across products, with credit card and auto loans broadly steady, mortgages edging up slightly, and student loan delinquencies rising as previously unreported missed federal student loan payments from Q2 2020 to Q4 2024 began appearing in credit reports. Mortgage balances rose by USD 131 billion to USD 12.94 trillion by end-June 2025, while credit card balances increased by USD 27 billion to USD 1.21 trillion and auto loan balances by USD 13 billion to USD 1.66 trillion. Home equity line of credit balances rose USD 9 billion to USD 411 billion for a thirteenth consecutive quarterly increase, and student loan balances edged up USD 7 billion to USD 1.64 trillion. New mortgage originations were USD 458 billion and new auto loans and leases appearing on credit reports increased to USD 188 billion (from USD 166 billion in Q1 2025), while aggregate credit card limits rose USD 78 billion (1.5%). Aggregate delinquency remained elevated with 4.4% of outstanding debt in some stage of delinquency, and 10.2% of student debt was reported 90+ days delinquent; annualized flows into serious delinquency rose to 12.88% for student loans (from 0.80% a year earlier), alongside increases for mortgages to 1.29% and HELOCs to 1.15%. An accompanying Liberty Street Economics blog post analyzed mortgage borrower trends by balances, delinquency rates, credit scores and geography.

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