US Household Debt Rises Slightly

Total household debt in the US increased by $18 billion from the prior quarter to a new record high of $18.8 trillion in Q1 2026. Mortgage balances grew by $21 billion to $13.19 trillion, and auto loan balances increased by $18 billion to $1.69 trillion. Home equity line of credit (HELOC) balances increased by $12 billion to $446 billion, while student loan balances decreased by $6 billion to $1.66 trillion. Credit card balances fell by $25 billion to $1.25 trillion. "Aggregate household debt levels rose slightly, with modest increases in most debt types offsetting a seasonal decline in credit card balances,” said Daniel Mangrum, Research Economist at the New York Fed. “Delinquency transition rates were mostly steady, while student loan delinquencies are returning to pre-pandemic levels."

Total household debt in the US increased by $191 billion from the prior quarter to a new record high of $18.8 trillion in Q4 2025. Mortgage balances grew by $98 billion to $13.17 trillion, and credit card balances rose by $44 billion to $1.28 trillion. Auto loan balances increased by $12 billion to $1.67 trillion. Home equity line of credit (HELOC) balances increased by $11.6 billion to $434 billion while student loan balances rose by $11 billion to $1.66 trillion. “As household debt levels grow modestly, mortgage delinquencies continue to increase,” said Wilbert van der Klaauw, Economic Research Advisor at the New York Fed. “Delinquency rates for mortgages are near historically normal levels, but the deterioration is concentrated in lower-income areas and in areas with declining home prices.”

Total household debt in the US increased by $197 billion from the prior quarter to a new record high of $18.59 trillion in Q3 2025. Mortgage balances grew by $137 billion to $13.07 trillion, and credit card balances rose by $24 billion to $1.23 trillion. Home equity line of credit (HELOC) balances rose by $11 billion to $422 billion. Student loan balances rose by $15 billion to $1.65 trillion. Auto loan balances held steady at $1.66 trillion. The pace of mortgage originations increased, with $512 billion newly originated in the third quarter. “Household debt balances are growing at a moderate pace, with delinquency rates stabilizing,” said Donghoon Lee, Economic Research Advisor at the New York Fed. “The relatively low mortgage delinquency rates reflect the housing market’s resilience, driven by ample home equity and tight underwriting standards.”