The Federal Reserve Bank of New York's Center for Microeconomic Data published its Quarterly Report on Household Debt and Credit, showing that total US household debt increased by USD 18 billion, or 0.1%, in Q1 2026 to USD 18.8 trillion. Modest increases across most debt types were partly offset by a seasonal decline in credit card balances, while aggregate delinquency was little changed at 4.8% of outstanding debt. Alongside the report, the bank published a Liberty Street Economics blog post on which borrowers defaulted on their student loans and whether those defaults spilled over to other debts, as well as a technical note on a change to the report's credit score measure. Mortgage balances rose by USD 21 billion to USD 13.19 trillion, home equity lines of credit increased by USD 12 billion to USD 446 billion, and auto loans rose by USD 18 billion to USD 1.69 trillion. Credit card balances fell by USD 25 billion to USD 1.25 trillion, while student loan balances were broadly flat at USD 1.66 trillion after a USD 6 billion decline. New mortgage originations were USD 530 billion and new auto loans were USD 182 billion, with aggregate credit card limits up USD 60 billion and HELOC limits up USD 14 billion. Early delinquency transitions were steady for auto loans and edged down for credit cards and mortgages, while serious delinquency transitions were broadly unchanged except for a slight increase in mortgages to 1.5%. For student loans, the four-quarter moving sum of transitions into serious delinquency fell to 10.9% from 16.2% in Q4 2025, but the share of balances 90 or more days delinquent rose to 10.3% from 9.6%, and about 2.6 million borrowers more than 120 days past due had their loans transferred to the US Department of Education's Default Resolution Group.
Federal Reserve Bank of New York 2026-05-12
Federal Reserve Bank of New York reports household debt rose USD 18 billion to USD 18.8 trillion in Q1 2026 with student loan delinquencies increasing
The Federal Reserve Bank of New York’s Center for Microeconomic Data reported that total US household debt rose by USD 18 billion (0.1%) in Q1 2026 to USD 18.8 trillion, with modest increases in most categories offset by a seasonal decline in credit card balances and aggregate delinquency stable at 4.8%. Mortgage, home equity line of credit and auto loan balances all increased, while credit card balances fell and student loan balances were broadly flat, amid mixed delinquency dynamics including a slight rise in serious mortgage delinquencies and more student loan balances 90 or more days past due.