The Federal Reserve Bank of New York’s Center for Microeconomic Data published its Quarterly Report on Household Debt and Credit, showing total US household debt rose by USD 197 billion (1%) in Q3 2025 to USD 18.59 trillion, alongside a pickup in mortgage originations and broadly stabilizing delinquency dynamics. Mortgage balances increased by USD 137 billion to USD 13.07 trillion, while credit card balances rose by USD 24 billion to USD 1.23 trillion and student loan balances increased by USD 15 billion to USD 1.65 trillion; auto loan balances were flat at USD 1.66 trillion and HELOC balances rose by USD 11 billion to USD 422 billion. Newly originated mortgages totaled USD 512 billion in Q3 2025, with USD 184 billion of new auto loans and leases appearing on credit reports; aggregate credit card limits rose by USD 94 billion (1.8%) and HELOC limits increased by USD 8 billion. Overall delinquency remained elevated, with 4.5% of outstanding debt in some stage of delinquency; transitions into early delinquency increased for credit card debt and student loans but declined for other debt types, while transitions into serious delinquency mostly increased across debt types and fell slightly for mortgages. For student loans, 9.4% of aggregate student debt was reported as 90+ days delinquent or in default in Q3 2025, with the report noting that previously unreported missed federal student loan payments from 2020Q2 to 2024Q4 are now appearing in credit reports.

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