Equifax National Market Pulse Data Shows U.S. Consumer Top-Line Debt Stabilizing at $18.25 Trillion in Q2 2026 With Delinquencies Improving Across Categories

Rhea-AI Summary

Equifax (NYSE: EFX) released its Market Pulse Second Quarter U.S. Consumer Credit Trends report, showing total U.S. consumer debt at $18.25 trillion in June 2026. This represents a 2.1% year-over-year increase and only a 0.32% rise from Q1 2026, indicating moderating growth.

According to Equifax, about 74% of consumer debt is mortgage-related. First mortgage balances were $12.845 trillion in June, up 1.9% YoY, while HELOC balances rose 12.5% YoY to $444.8 billion. Non-mortgage portfolios are shifting as bankcard balances climbed to $1.1085 trillion (up 8.2% from June 2024) and auto loans to $1.626 trillion, while student loan balances declined to $1.287 trillion (down 3.1% YoY).

Equifax reports that delinquencies across auto, bankcard, unsecured personal loans, and mortgages showed broad month-over-month and year-over-year improvement. First mortgage 90+ day delinquencies remain above historic mid-2025 lows but fell 3.6% between May and June 2026, suggesting ongoing normalization.

Market Context

EFX's active S-3ASR shelf, dated April 21, 2026, is effective through April 21, 2029. Against that f...

Analysis

EFX's active S-3ASR shelf, dated April 21, 2026, is effective through April 21, 2029. Against that financing context, the report's delinquency improvement warrants attention alongside insider Net Selling.

Key Figures

Total consumer debt: $18.25 trillion Year-over-year debt growth: 2.1% Quarter-over-quarter debt growth: 0.32% +5 more

8 metrics

Total consumer debt $18.25 trillion Q2 2026

Year-over-year debt growth 2.1% Total U.S. consumer debt in Q2 2026

Quarter-over-quarter debt growth 0.32% Q2 2026 versus Q1 2026

Mortgage debt share 74% Share of total consumer debt

HELOC growth 12.5% Year-over-year in Q2 2026

Bankcard debt growth 8.2% June 2024 to Q2 2026

First mortgage delinquency growth 40.6% 90+ DPD year-over-year from historic mid-2025 lows

First mortgage delinquency improvement 3.6% Decrease since May 2026

Historical Context

5 past events · Latest: Jul 29 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 29	HR survey release	Neutral	+0.0%	Survey found fabricated candidate information challenges alongside mixed AI hiring effects
Jul 21	Earnings acquisition announcement	Positive	-3.9%	Earnings growth, acquisition agreement, AI cost target increase and shareholder returns
Jul 08	Consumer health report	Negative	-4.3%	Consumer financial health index declined amid reported middle-class pressure
Jul 07	Earnings date announcement	Neutral	-4.3%	Scheduled Q2 results release and conference call times
Jul 07	Acquisition announcement	Positive	+1.5%	Definitive Mexico credit-bureau acquisition agreement announced with $750 million enterprise value

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

EFX's recent positive corporate announcements produced mixed outcomes, while consumer-financial health coverage coincided with a negative reaction.

Key Terms

heloc, 90+ days past due, dpd, bankcard debt

4 terms

heloc financial

"first mortgage and HELOC balances were up 1.9% and 12.5% year-over-year"

A HELOC (home equity line of credit) is a revolving loan that lets a homeowner borrow against the value built up in their house, similar to a credit card but secured by the property. It matters to investors because HELOCs affect banks’ lending volumes, interest income and credit risk, and high consumer use or defaults can signal stress in the housing market and consumer spending, influencing related stocks and bond valuations.

90+ days past due financial

"first mortgage 90+ days past due (DPD) delinquencies rose 40.6%"

A credit or loan account labeled "90+ days past due" means the borrower has missed required payments for at least ninety days. It is a common delinquency threshold used by lenders and analysts to signal severe payment trouble and higher likelihood of default, similar to a tenant who has not paid rent for three months; rising balances in this category can indicate credit quality deterioration and greater potential losses for creditors and investors.

dpd financial

"90+ days past due (DPD) delinquencies rose 40.6% year-over-year"

Days Past Due (DPD) is the number of days a borrower’s payment is late on a loan or credit account. It’s a simple clock that tracks how long a payment has missed its scheduled date, with higher DPD numbers indicating growing delinquency. Investors use DPD to judge the health of a loan portfolio or lender—like checking how many fruits in a basket are rotting; a rising DPD count signals higher risk of defaults and potential losses.

bankcard debt financial

"Bankcard debt, which was around $1.02 trillion in June 2024"

Outstanding balances on bank-issued credit cards and other revolving credit accounts that consumers owe to the bank, including purchases, cash advances, fees and accrued interest; it can be expressed as total unpaid balance or as the portion that is past due. Investors watch bankcard debt because it reflects consumer spending and borrowing trends and influences banks’ interest income and credit-loss risk—much like a running tab that shows both revenue potential and the chance some charges won’t be paid back.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Credit Card and Auto Debt Balance Growth Outpaces Student Loans Amid Broad Delinquency Relief

Highlights:

• Total U.S. consumer debt reached $18.25 trillion in Q2 2026, reflecting a 2.1% year-over-year increase primarily driven by mortgage and revolving bankcard debt.
• Delinquency rates showed broad improvement across automotive, bankcard, and mortgage sectors, suggesting a significant stabilization trend in consumer portfolios.

ATLANTA, Aug. 11, 2026 /PRNewswire/ -- Equifax® (NYSE: EFX) has released its Market Pulse Second Quarter U.S. Consumer Credit Trends, which includes U.S. national consumer credit data and trends through June 2026 sourced from Equifax proprietary data. While consumer debt balances reached $18.25 trillion in June, driven by increases in mortgage and revolving consumer bank card debt, the data signaled a stabilization period for consumers with only a 0.32% increase from the first quarter of 2026. The data also highlights a consistent improvement in delinquencies in all categories.

Continued Annual Debt Growth Driven by Mortgage and Revolving Card Debt

Total U.S. consumer debt climbed to $18.25 trillion by the end of Q2 2026, a 2.1% year-over-year increase, which represented a growth of nearly $400 billion in a 12-month span. This expansion was primarily driven by mortgage debt, which accounted for roughly 74% of all consumer debt, as first mortgage and HELOC balances were up 1.9% and 12.5% year-over-year.

"We are witnessing a period where top-line consumer data suggests retail and mortgage credit is stabilizing," said Emmaline Aliff, Advisory Leader at Equifax. "Total consumer debt only increased slightly in the second quarter of 2026, heavily anchored by first mortgages and a renewed reliance on credit cards. Although consumers accumulated seasonal credit card debt last November and December and paid the balances down in the first quarter, they took on more debt in the second quarter, though mortgage debt remains the majority of total consumer debt obligations."

Structural Shifts in Non-Mortgage Portfolios as Auto and Card Balances Stand to Eclipse Student Loan Debt

While auto loans, student loans, and bankcards continue to dominate roughly 90% of all non-mortgage debt, the composition of this debt has fundamentally shifted over the last three years. Bankcard debt, which was around $1.02 trillion in June 2024, and has grown by 8.2% to land at $1.1 trillion in the second quarter of 2026. This growth outpaces inflation over this same time period, which was about 6.5%.

"Historically, total student loan debt balances were consistently higher than auto debt and almost twice as much as bankcard debt," said Aliff. "The changing proportions of the non-mortgage categories reflect a macro shift, where student loan stabilization is being offset by further reliance on credit to manage the budgetary pressures of rising household and vehicle costs."

Delinquencies Broadly Stabilized Across Consumer Portfolios as Mortgage Delinquencies Improve from May

Delinquency rates across automotive, bankcard, and unsecured personal loan portfolios all registered measurable downward trajectories on both a month-over-month and year-over-year basis. This broader stabilization also extended to the mortgage sector. Though first mortgage 90+ days past due (DPD) delinquencies rose 40.6% year-over-year from historic mid-2025 lows, they have improved, dropping 3.6% since May 2026, and suggesting a normalization of delinquencies and alleviation of pressure for some homeowners.

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

Total Consumer Debt Balances

Month	Total Consumer Debt ($T)	MoM Change (%)	YoY Change (%)
April 2026	$18.22	0.2 %	2.8 %
May 2026	$18.23	+0.0 %	2.4 %
June 2026	$18.25	0.1 %	2.1 %

First Mortgage Balances

Month	First Mortgage Balances ($B)	MoM Change (%)	YoY Change (%)
April 2026	$12,875	0.1 %	2.6 %
May 2026	$12,865	-0.1 %	2.2 %
June 2026	$12,845	-0.2 %	1.9 %

Home Equity Lines of Credit (HELOC) Balances

Month	HELOC Balances ($B)	MoM Change (%)	YoY Change (%)
April 2026	$435.1	0.9 %	13.0 %
May 2026	$440.4	1.2 %	12.7 %
June 2026	$444.8	1.0 %	12.5 %

Auto Loan Balances

Month	Auto Loan Balances ($B)	MoM Change (%)	YoY Change (%)
April 2026	$1,605	0.4 %	2.0 %
May 2026	$1,615	0.6 %	2.3 %
June 2026	$1,626	0.7 %	2.8 %

Bankcard Balances

Month	Bankcard Balances ($B)	MoM Change %	YoY Change (%)
April 2026	$1,092.2	0.6 %	3.7 %
May 2026	$1,095.8	0.3 %	3.7 %
June 2026	$1,108.5	1.2 %	3.9 %

Student Loans Balances

Month	Student Loan Debt ($B)	MoM Change %	YoY Change (%)
April 2026	$1,298	-0.3 %	-0.9 %
May 2026	$1,292	-0.4 %	–2.0%
June 2026	$1,287	-0.4 %	-3.1 %

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 about total U.S. consumer debt in Q2 2026?

Equifax reported that total U.S. consumer debt reached $18.25 trillion in June 2026. According to Equifax, this was a 2.1% year-over-year increase and only a modest 0.32% rise from the first quarter, indicating slower top-line debt growth.

How are mortgage and HELOC balances trending in the Equifax Q2 2026 Market Pulse data?

Mortgage and HELOC balances are rising at different speeds. According to Equifax, first mortgage balances reached $12.845 trillion in June 2026, up 1.9% year-over-year, while HELOC balances climbed to $444.8 billion, a much faster 12.5% year-over-year increase.

What does the Equifax (EFX) data show about credit card and auto loan growth versus student loans?

Equifax data shows bankcard and auto loan balances growing while student loans decline. Bankcard balances rose to $1.1085 trillion and auto loans to $1.626 trillion, while student loan balances fell to $1.287 trillion, down 3.1% year-over-year, according to Equifax.

How have delinquency rates changed across consumer credit categories in the Equifax Q2 2026 report?

Delinquency rates generally improved across major credit categories. According to Equifax, automotive, bankcard, and unsecured personal loan delinquencies declined month-over-month and year-over-year, while first mortgage 90+ day delinquencies, though higher than mid-2025 lows, fell 3.6% from May to June 2026.

What structural shift in non-mortgage debt did Equifax (EFX) highlight for Q2 2026?

Equifax highlighted a shift where bankcard and auto balances are poised to eclipse student loans. According to Equifax, bankcard debt increased about 8.2% from June 2024 to $1.1 trillion, while student loan balances declined, reflecting changing household financing patterns.

How quickly is total consumer debt growing month-over-month in the Equifax Q2 2026 data?

Month-over-month growth in total consumer debt was modest in Q2 2026. According to Equifax, balances were $18.22 trillion in April, $18.23 trillion in May, and $18.25 trillion in June, reflecting monthly changes between 0.0% and 0.2%.

Where can investors access Equifax U.S. National Consumer Credit Trends reports for ongoing data?

Investors can access U.S. National Consumer Credit Trends reports on Equifax.com. According to Equifax, these monthly reports cover originations, balances, and delinquencies across mortgages, auto loans, student loans, bankcards, private label cards, and personal loans, providing multi-year insights into consumer credit conditions.