Equifax National Market Pulse Data Shows U.S. Consumer Debt Accelerating

Rhea-AI Summary

Equifax (NYSE: EFX) released its Market Pulse Q4 2025 U.S. consumer credit trends showing total consumer debt reached $18.20 trillion in December 2025, with year-over-year growth accelerating to +3.7%. Delinquencies eased from recent highs but remain elevated versus pre-pandemic norms.

Bankcard balances rose while private label credit contracted; auto leasing and student loan delinquency dynamics also stood out.

Positive

• Total consumer debt $18.20 trillion (+3.7% YoY)
• Bankcard balances $1.12 trillion (+4.1% YoY)
• Outstanding lease balances $95.8 billion (+7.6% YoY)

Negative

• 60+ day delinquency at 5.7%, still above pre-pandemic levels
• Private label balances down 11.2% YoY; accounts -21.4%
• Student loan severe delinquency 16.39% on non-deferred balances

News Market Reaction – EFX

+1.96%

1 alert

+1.96% News Effect

On the day this news was published, EFX gained 1.96%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Total U.S. consumer debt: $18.20T Consumers 60+ DPD: 5.7% Peak 60+ DPD rate: 6.8% +5 more

8 metrics

Total U.S. consumer debt $18.20T Total consumer debt balance as of December 2025

Consumers 60+ DPD 5.7% Share of consumers with at least one payment 60+ days past due in Dec 2025

Peak 60+ DPD rate 6.8% Peak share of consumers 60+ days past due in Q3 2025

Bankcard balances $1.12T Total bankcard balances in December 2025

Bankcard YoY growth 4.1% Year-over-year change in bankcard balances for December 2025

Bankcard 60+ DPD 3.03% Bankcard 60+ day delinquency rate in December 2025

Subprime card utilization 75.6% Average subprime credit card utilization in Q4 2025

Student severe delinquency 16.39% Severe student loan delinquency rate on non-deferred balances (90+ DPD or bankruptcy)

Market Reality Check

Price: $198.12 Vol: Volume 1,524,676 vs 20-da...

low vol

$198.12 Last Close

Volume Volume 1,524,676 vs 20-day average 2,280,744 (relative volume 0.67x) indicates lighter-than-normal trading. low

Technical Price 194.32 is trading below the 200-day MA of 235.46, and about 30.85% under the 52-week high.

Peers on Argus

EFX fell 4.57% while key peers showed mixed, generally smaller moves: VRSK -1.5%...

EFX fell 4.57% while key peers showed mixed, generally smaller moves: VRSK -1.5%, HURN -0.77%, FCN -0.1%, RBA -3.9%, BAH +1.99%. No peers appeared in the momentum scanner, pointing to a more company-specific reaction.

Common Catalyst Limited same-day peer news, with HURN reporting quarterly earnings and guidance within the broader consulting group.

Historical Context

5 past events · Latest: Feb 17 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 17	Consumer app feature	Positive	-0.1%	Launch of Optimal Path AI credit score action plans in myEquifax app.
Feb 04	Partnership expansion	Positive	+3.4%	Expanded partnership with Gen Digital to integrate Equifax data into AI products.
Feb 04	Earnings results	Positive	+3.4%	Q4 2025 revenue and EPS above guidance with 2026 growth outlook.
Jan 30	Fraud tool launch	Positive	-1.3%	Launch of Credit Abuse Risk model to detect first-party fraud for lenders.
Jan 28	Auto dealer solution	Positive	-0.7%	New Employment Insights solutions giving auto dealers verified income data.

Pattern Detected

Recent EFX news has often produced modest and mixed price reactions, with both gains and declines following generally positive product, partnership, and earnings headlines.

Recent Company History

Over the past month, Equifax has focused on product expansion and data-driven services, including launches like Employment Insights and Credit Abuse Risk, plus the rollout of Optimal Path to consumers. A strong Q4 2025 earnings report on Feb 4 with 9% revenue growth and raised 2026 guidance also supported the story of cloud and AI-driven growth. Today’s macro credit trends release fits into Equifax’s role as a key provider of U.S. consumer credit data, rather than a direct earnings or product catalyst.

Market Pulse Summary

This announcement highlighted Equifax’s role as a barometer of U.S. consumer credit conditions. Tota...

Analysis

This announcement highlighted Equifax’s role as a barometer of U.S. consumer credit conditions. Total debt reached $18.20T by December 2025, with 5.7% of consumers 60+ days past due, down from a 6.8% peak but still above pre‑pandemic norms. Bankcard balances grew to $1.12T, while student loans showed a severe delinquency rate of 16.39%. Investors may track how these evolving credit dynamics intersect with Equifax’s recent product launches, earnings trajectory, and regulatory disclosures.

Key Terms

subprime, delinquency, bankcard, private label credit cards, +2 more

6 terms

subprime financial

""Average subprime credit card utilization remained flat at 75.6%...""

Subprime describes loans or borrowers considered to have a higher risk of default because they have weaker credit histories or financial stability. These loans often come with higher interest rates to compensate for the increased risk. For investors, subprime assets can be more volatile and may pose greater financial risk if borrowers are unable to repay.

delinquency financial

"delinquency rates across several major lending products have begun to ease..."

Delinquency occurs when a borrower fails to make a required payment on a loan or credit account by the due date. It signals that the borrower is behind on their commitments, which can increase the risk of losing access to credit and may lead to additional fees or penalties. For investors, higher delinquency rates can indicate potential problems in the lending or financial system, affecting the value of related investments.

bankcard financial

"Total bankcard balances increased to $1.12 trillion..."

A bankcard is a plastic or digital payment card issued by a bank—such as a debit, credit or ATM card—that lets a customer pay for goods, withdraw cash or access account services. For investors, changes in bankcard use reveal consumer spending trends, fee and interest income potential, and credit risk exposure, much like a store’s sales register showing how busy and profitable the business is.

private label credit cards financial

"private label card balances fell 11.2% year-over-year..."

Private label credit cards are store-branded charge or credit accounts issued for use mainly at a single retailer or a group of related stores, similar to a loyalty card that also lets customers borrow money. They matter to investors because they can boost sales, keep shoppers loyal, and create a steady stream of fee and interest income — but they also concentrate credit risk and require investment in customer financing and data systems.

severe delinquency financial

"The severe delinquency rate ... measured 16.39%..."

Severe delinquency is when a borrower is deeply behind on scheduled payments—commonly 90 days or more past due—or the loan is in foreclosure or repossession proceedings. For investors it is a red flag that the borrower is much more likely to default, which can reduce the value of loans or securities, increase expected losses and signal broader credit stress; think of it as a car’s warning light for a lender’s balance sheet.

wage garnishment regulatory

"the restart of wage garnishment is expected to influence repayment behavior..."

A wage garnishment is a court-ordered deduction taken directly from an employee’s paycheck to repay a debt, such as unpaid taxes, child support, or a creditor claim. Investors should note it can raise a company’s administrative and legal costs, affect employee morale and productivity, and reduce workers’ take-home pay—factors that can influence consumer spending, revenue trends, and the company’s operational risk profile.

AI-generated analysis. Not financial advice.

While Delinquency Rates Have Begun to Ease, They are Still Elevated Relative to Pre-Pandemic Norms

ATLANTA, Feb. 24, 2026 /PRNewswire/ -- Equifax® (NYSE: EFX) has released its Market Pulse Fourth Quarter U.S. Consumer Credit Trends, which includes U.S. national consumer credit data and trends through December 2025 sourced from Equifax proprietary data. According to Equifax, the rate of increase for overall consumer debt accelerated in December 2025 compared to the same month in 2023 and 2024, with total U.S. consumer debt reaching $18.20 trillion by the end of 2025. In addition to consumer debt growth accelerating, a persistent K-shaped divide underscores a widening financial chasm between income brackets.

"Average subprime credit card utilization remained flat at 75.6% from quarter three to quarter four of 2025, despite rising prices, higher interest rates, and increased delinquencies," said Maria Urtubey, Market Pulse Advisor at Equifax. "However, topline improvements can mask financial stress in certain groups. While higher-income consumers continue to benefit from asset inflation and expanded credit availability, many others remain under pressure, and the broader economic picture still shows uneven financial health. This divergence reinforces the K-shaped economic divide observed in prior quarters and underscores the need to evaluate multiple factors when gauging the financial health of American consumers."

In the fourth quarter of 2025, Equifax data shows that delinquency rates across several major lending products have begun to ease from more recent highs, though they remain elevated relative to pre-pandemic norms. As of December 2025, 5.7% of consumers had at least one payment 60+ days past due (DPD)—down from a peak of 6.8% in the third quarter. Despite ongoing economic pressures including inflation, tariffs, and slower job growth, overall consumer financial health has remained relatively consistent.

Looking ahead, seasonal patterns are expected to support near-term credit performance. Delinquencies typically ease as tax refunds arrive and larger refunds could provide additional relief to pay down debt.

Key Insights

1. Bankcard Balances Continue to Grow While Private Label Credit Contracts
    
   Total bankcard balances increased to $1.12 trillion, up 4.1% year-over-year, while 60+ day bankcard delinquency declined to 3.03% from 3.16% a year ago. Average bankcard utilization edged down slightly to 21.2%, a decline driven primarily by rising credit limits—which have risen roughly 6.5% year-over-year—rather than being driven by a pullback in card usage. Importantly, utilization levels have remained broadly stable around 21% since August 2023, underscoring a steady consumer reliance on revolving credit.
    
   At the same time, private label card balances fell 11.2% year-over-year and accounts declined 21.4%, reflecting a continued consumer shift toward general-purpose credit products.
    
2. Auto Credit Stays Resilient as Leasing Gains Momentum
    
   Auto loan and lease balances reached $1.685 trillion in December, up just 1% year-over-year, as consumers continue adapting to elevated vehicle prices via longer loan terms and alternative financing structures. Severe auto delinquency (share of balance 60+ DPD increased to 1.61%, up three basis points year-over-year, while auto write-offs decreased to 25.9 basis points. Delinquency trends have remained largely stable since late 2023, including within the subprime segment, where auto loans continue to rank as the top payment priority for borrowers.
    
   Leasing activity accelerated in the fourth quarter, with outstanding lease balances up 7.6% year-over-year to $95.8 billion. This growth reflects affordability-driven consumer behavior as borrowers seek lower monthly payments amid high vehicle prices, even as lease rates remain elevated. Leasing remains concentrated among prime and near-prime consumers, while lower-credit tier borrowers continue to gravitate toward the used vehicle market, where limited off-lease supply has kept prices elevated.
    
3. Student Loan Delinquencies Stabilize as New Risks Emerge
    
   Outstanding student loan balances totaled $1.33 trillion, down 1.4% year-over-year. The severe delinquency rate (calculated as the share of non-deferred balances 90+ DPD or in bankruptcy) measured 16.39%, showing signs of leveling off following earlier repayment disruptions tied to the resumption of payments. Looking ahead, the restart of wage garnishment is expected to influence repayment behavior and could affect how consumers prioritize student loan payments relative to other financial obligations.
    
   "Historically, consumers have prioritized mortgage and auto obligations over other forms of debt," said Urtubey. "However, renewed enforcement on student loans, persistent inflation, and high borrowing costs may begin to reshape payment hierarchies and introduce stress into credit categories that have been relatively insulated in the past."

Month-Over-Month and Year-Over-Year Results

Total Consumer Debt Balances
Month	Total Consumer Debt ($T)	MoM Change (%)	YoY Change (%)
October 2025	$18.09	0.3 %	2.9 %
November 2025	$18.10	0.1 %	2.9 %
December 2025	$18.20	0.5 %	3.7 %

 

First Mortgage Balances
Month	First Mortgage Balances ($B)	MoM Change (%)	YoY Change (%)
October 2025	$12,748	0.3 %	2.9 %
November 2025	$12,755	0.1 %	2.9 %
December 2025	$12,822	0.5 %	4.3 %

 

Home Equity Lines of Credit (HELOC) Balances
Month	HELOC Balances ($B)	MoM Change (%)	YoY Change (%)
October 2025	$413.1	1.4 %	12.0 %
November 2025	$417.4	1.0 %	12.2 %
December 2025	$421.7	1.0 %	12.6 %

 

Auto Loan Balances
Month	Auto Loan Balances ($B)	MoM Change (%)	YoY Change (%)
October 2025	$1,589	0.1 %	0.8 %
November 2025	$1,590	0.1 %	0.8 %
December 2025	$1,589	-0.1 %	0.6 %

 

Bankcard Balances
Month	Bankcard Balances ($B)	MoM Change %	YoY Change (%)
October 2025	$1,083.5	0.0 %	3.7 %
November 2025	$1,090.5	0.6 %	3.8 %
December 2025	$1,123.9	3.1 %	4.1 %

 

Student Loans Balances
Month	Student Loan Debt ($B)	MoM Change %	YoY Change (%)
October 2025	$1,349	0.6 %	-0.2 %
November 2025	$1,344	-0.4 %	-0.3 %
December 2025	$1,330	-0.3 %	-1.4 %

 

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.

*To view the included graphic, 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

How much total U.S. consumer debt did EFX report for December 2025?

Total consumer debt reached $18.20 trillion in December 2025. According to Equifax, this represents an accelerated year-over-year increase of 3.7% compared with December 2024, reflecting broader balance growth across several credit categories.

What did Equifax report about bankcard balances and utilization for EFX Q4 2025?

Bankcard balances rose to $1.12 trillion, up 4.1% year-over-year. According to Equifax, average bankcard utilization remained about 21.2%, with utilization stability driven largely by rising credit limits rather than reduced card usage.

Are consumer delinquencies improving in Equifax's February 24, 2026 Market Pulse?

Delinquencies have begun to ease but remain elevated versus pre-pandemic levels. According to Equifax, 5.7% of consumers were 60+ days past due in December 2025, down from a 6.8% peak in Q3 2025.

What trends did Equifax note for auto loans and leasing in December 2025?

Auto balances held near $1.685 trillion with modest growth; leasing rose to $95.8 billion. According to Equifax, leasing growth (+7.6% YoY) reflects affordability-driven shifts to lower monthly payments amid high vehicle prices.

How did student loan balances and severe delinquency appear in Equifax's Q4 2025 data?

Outstanding student loan balances were about $1.33 trillion, down 1.4% year-over-year. According to Equifax, severe delinquency on non-deferred balances measured 16.39%, showing signs of stabilization after earlier repayment disruptions.