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 93 billion (0.5%) in Q4 2024 to USD 18.04 trillion. The update also indicates delinquency transition rates remained elevated for auto loans and, to a lesser extent, credit cards, alongside an accompanying Liberty Street Economics blog post focused on auto loan delinquency. Balances rose across major categories, led by credit cards (up USD 45 billion to USD 1.21 trillion), with auto loans up USD 11 billion to USD 1.66 trillion, mortgages up USD 11 billion to USD 12.61 trillion, and home equity lines of credit up USD 9 billion to USD 396 billion for an eleventh consecutive quarterly increase since Q1 2022. Aggregate delinquency rates ticked up to 3.6% of outstanding debt, with transition rates broadly steady across debt types except for a small uptick in credit card transitions from current to delinquent; flows into serious delinquency (90+ days past due) edged higher for auto loans, credit cards and HELOC but were stable for mortgages.
Federal Reserve Bank of New York 2025-02-13
Federal Reserve Bank of New York reports household debt rose to USD 18.04 trillion in Q4 2024 as auto and credit card delinquencies stay elevated
The Federal Reserve Bank of New York reported a USD 93 billion (0.5%) increase in total household debt in Q4 2024, reaching USD 18.04 trillion. Credit card balances rose by USD 45 billion, while auto loans and mortgages each increased by USD 11 billion. Delinquency rates remained elevated for auto loans and credit cards, with a slight increase in serious delinquencies for these categories.