Equifax National Market Pulse Data Shows U.S. Consumer Debt Inching Past $18 Trillion as Delinquencies Stabilize

Rhea-AI Summary

Equifax (NYSE: EFX) Market Pulse for Q3 2025 shows total U.S. consumer debt at $18.03 trillion in September and an overall delinquency rate of 1.562%, up from 1.517% in June 2025.

Auto: combined auto loan and lease debt was $1.68 trillion; lease balances rose 11.5% YoY to $95.8 billion while auto loan delinquencies edged to 1.64%. Bankcards: balances reached $1.08 trillion with >60‑day delinquencies near 2.83%. Student loans: severe delinquency (non‑deferred >90 days) was 16.32% and outstanding balance was $1.34 trillion, down 4.8% YoY.

Positive

• Lease balances +11.5% YoY to $95.8B (Sept 2025)
• Total consumer debt rose to $18.03T in Sept 2025

Negative

• Student loan severe delinquency at 16.32% (Sept 2025)
• Private label card balances down 11.7% YoY and accounts down 25.5% (Sept 2025)

Insights

Credit Market Analyst

Equifax data shows total U.S. consumer debt at 18.03 trillion with delinquencies roughly stable, offering a neutral macro signal.

Balances rose modestly month‑over‑month to 18.03 trillion in September and non‑mortgage debt ticked up to 4.70 trillion; mortgage balances also increased to 13.33 trillion. Delinquency on total consumer debt edged to 1.562%, a small rise from 1.517% in June, while bankcard severe delinquencies eased to 2.7% and student loan severe delinquency stood at 16.32%.

The business mechanism is straightforward: rising balances plus largely stable delinquency rates suggest incremental credit extension without acute stress, though pockets show weakness — newer auto loans and student loans display higher severity. Key dependencies include future movement in the specified metrics and consumer behavior; monitor month‑over‑month changes in auto loan delinquencies, lease versus loan balances, and student loan severe delinquency over the next 3–6 months.

Third Quarter 2025 Consumer Credit Trends Indicate Moderate Debt Growth for Auto and Student Loans

ATLANTA, Nov. 5, 2025 /PRNewswire/ -- Equifax® (NYSE: EFX) has released its Market Pulse Third Quarter U.S. Consumer Credit Trends, which includes U.S. national consumer credit data and trends through September 2025 sourced from Equifax data. According to Equifax, delinquency on total U.S. consumer debt inched up to 1.562% in September, a slight increase from 1.517% at end of the second quarter in June 2025. Total consumer debt reached $18.03 trillion in September, up from $17.91 trillion in August and $17.94 trillion in July.

"Specifically within auto loans, we are seeing a more pronounced rise in delinquency rates for newer auto loans, defined as loans taken in the last 24 months, within the near-prime and prime populations," said Tom O'Neill, Market Pulse Advisor at Equifax. "This indicates that some economic stresses that some consumers are facing aren't confined to the lower credit tiers. Should these pressures continue, the impact on lenders may fall outside of traditional consumer payment hierarchies. Historically, households prioritize mortgages and auto loans, but stress caused by developments in other credit categories, like student loan wage garnishment, may disrupt that predictability."

During the pandemic period, severe delinquency rates fell to historically low levels, with rates as low as 1.0%, and 1.3% for auto loans and bankcards more than 60 days past due. From those levels, delinquency rates rose and both of those lending products saw delinquency rates level off at slightly higher than pre-pandemic levels by 2023 and hitting peaks in early 2024 of 1.6% for auto and 3.2% for bankcards. Despite remaining above pre-pandemic levels, delinquencies have stabilized, with bankcard delinquencies even slightly decreasing to 2.7%.

Key Insights

1. Auto Credit: Leases Soar, Loans Show Weakness
    
   Auto loan and lease debt totaled $1.68 trillion in September, up 1.4% over September 2024. Lease balances grew 11.5% compared to September 2024 to $95.8 billion in September 2025, and delinquencies were slightly down year-over-year to 0.46% in the same timeframe. Meanwhile, loan balances increased only 0.8% to $1.587 trillion from September 2024 to September 2025 and delinquencies edged up to 1.64% in the same time period. Rising prices for new and used vehicles, hefty insurance premiums, and elevated interest rates have increased the costs of car ownership and contributed to shifting behaviors among consumers.
    
   "The auto sector is often an indicator for consumer stress, as auto loans typically sit near the top of household payment priorities," said O'Neill. "Faced with the high costs of car ownership, many consumers seem to be turning to alternatives. As a result, we're seeing steady growth in leasing, and some borrowers are stretching out loan terms to manage affordability."
    
2. Bankcards Grow While Private Label Credit Cards Decline 
    
   Bankcard balances reached $1.08 trillion in September 2025, up 4.0% from September 2024, and accounts rose to 586.2 million, up 6.3% year-over-year. The delinquency rate of more than 60 days past due rose slightly from August to September 2025 to 2.83%, but is down from 3.01% from September 2024 to 2025.
    
   Heading into the holiday season, private label card balances and accounts are down dramatically in September, with an 11.7% decrease in balances and 25.5% decrease in accounts year-over-year as consumers appear to look to the flexibility of general-purpose alternatives. Younger generations are also foregoing opening private label credit cards as their first credit product, favoring alternatives like co-branded cards or Buy Now, Pay Later options.
    
3. Student Loan Delinquency Levels Off
    
   Student loan delinquencies began leveling off around 18% and are showing signs of stabilization. The severe delinquency rate - non-deferred loans more than 90 days past due or in bankruptcy - was 16.32% in September, up sharply from 0.79% a year ago before reporting delinquencies on unpaid student loans resumed. Outstanding student loan debt rose slightly to $1.34 trillion in September 2025, but was 4.8% lower compared to September 2024. Accounts grew to 147.4 million in September, down 8.6% from 161.1 million a year ago.
    
   Historically, student loan debt has been a lower priority for consumers than mortgage and auto obligations. However, the prioritization of student loan repayment could become a higher priority for consumers when wage garnishment on delinquent loans resumes.

Month-Over-Month Results

Total Consumer Debt

Month	Total Consumer Debt ($T)	MoM Change (%)	YoY Change (%)
July 2025	17.94	0.4	2.5
August 2025	17.91	-0.2	2.1
September 2025	18.03	0.7	2.7

 

Mortgage Debt (including Home Equity Loans)

Month	Mortgage Debt ($T)	MoM Change (%)	YoY Change (%)
July 2025	13.27	0.5	4.0
August 2025	13.24	-0.2	3.4
September 2025	13.33	0.7	3.7

 

Non-Mortgage Debt (Auto Loans, Bankcard and Private Label Credit Card, Student Loans and Personal Loans)

Month	Non-Mortgage Debt ($T)	MoM Change (%)	YoY Change (%)
July 2025	4.67	0.3	-1.6
August 2025	4.68	0.2	-1.2
September 2025	4.70	0.4	0.2

 

Equifax has been tracking U.S. National Consumer Credit Trends for more than 20 years. Monthly reports can be found on Equifax.com. These reports track originations, balances and delinquencies on U.S. consumer mortgages, auto loans and leases, student loans, bankcards and private label credit cards, and personal loans. To explore Equifax tools that deliver U.S. National Consumer Credit Trends data and key market metrics click here.

ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com. 

FOR MORE INFORMATION: 
Tiffany Smith for Equifax  
mediainquiries@equifax.com 

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SOURCE Equifax Inc.

FAQ

What did Equifax (EFX) report for total U.S. consumer debt in September 2025?

Equifax reported $18.03 trillion in total U.S. consumer debt for September 2025.

How did delinquency rates change in Equifax Market Pulse for Q3 2025 (EFX)?

Overall delinquency on consumer debt was 1.562% in September 2025, up from 1.517% in June 2025.

What were the key auto loan trends in Equifax Market Pulse (EFX) for Sept 2025?

Auto+lease debt was $1.68T; lease balances were up 11.5% YoY to $95.8B and auto loan delinquencies were about 1.64%.

What did Equifax (EFX) say about student loan delinquencies in Sept 2025?

Severe student loan delinquency (non‑deferred >90 days) was 16.32% in September 2025; outstanding student debt was $1.34T.

How did bankcard balances and delinquencies look in Equifax Market Pulse (EFX) for Sept 2025?

Bankcard balances reached $1.08T with >60‑day delinquencies near 2.83% in September 2025.

What does the decline in private label card metrics mean for retailers according to Equifax (EFX) Sept 2025 data?

Private label balances fell 11.7% YoY and accounts fell 25.5% YoY in September 2025, signaling reduced private‑label usage by consumers.