• Mortgage balances shown on consumer credit reports increased by $121 billion during the first quarter of 2023 and stood at $12.04 trillion at the end of March, a modest increase. Balances on home equity lines of credit (HELOC) increased by $3 billion, the fourth consecutive quarterly increase following a nearly 13 year declining trend; the outstanding HELOC balance stands at $339 billion. Credit card balances were flat in the first quarter, at $986 billion, bucking the typical trend of balance declines in first quarters. Auto loan balances increased by $10 billion in the first quarter, continuing the upward trajectory that has been in place since 2011. Other balances, which include retail cards and other consumer loans, increased by $5 billion. Student loan balances now stand at $1.60 trillion, up by $9 billion from the previous quarter. In total, non-housing balances grew by $24 billion.

Credit card balances were flat in the first quarter, at $986 billion, bucking the typical trend of balance declines in first quarters. Auto loan balances increased by $10 billion in the first quarter, continuing the upward trajectory that has been in place since 2011. Other balances, which include retail cards and other consumer loans, increased by $5 billion. Student loan balances now stand at $1.60 trillion, up by $9 billion from the previous quarter. In total, non-housing balances grew by $24 billion.

Aggregate delinquency rates were roughly flat in the first quarter of 2023 and remained low, after declining sharply through the beginning of the pandemic. As of March, 2.6% of outstanding debt was in some stage of delinquency, 2.1 percentage points lower than last quarter of 2019, just before the COVID-19 pandemic hit the United States.

Technical Notes
Data Dictionary