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 increased by USD 167bn in Q1 2025 to USD 18.20tn, up USD 516bn from a year earlier. Aggregate delinquency rates rose, with the largest change coming from student loans as delinquent federal student loan payments that were not reported to credit bureaus between Q2 2020 and Q4 2024 began appearing in credit reports. Mortgage balances grew by USD 199bn to USD 12.80tn and home equity lines of credit increased by USD 6bn to USD 402bn, marking the twelfth consecutive quarterly rise. Credit card balances fell by USD 29bn to USD 1.18tn and auto loan balances declined by USD 13bn to USD 1.64tn, while student loan balances rose by USD 16bn to USD 1.63tn. Newly originated mortgages totalled USD 426bn and aggregate credit card limits increased by USD 77bn, a 1.5% quarterly rise. Across all debt, 4.3% of outstanding balances were in some stage of delinquency; transitions into serious delinquency were broadly stable for credit cards and auto loans, but 7.74% of student loan balances were reported 90+ days delinquent in Q1 2025, compared with less than 1% in Q4 2024. An accompanying Liberty Street Economics post analyses which student loan borrowers were past due in Q1 2025 and the implications for their access to other credit.

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