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Mortgage balances shown on consumer credit reports grew by $199 billion during the first quarter of 2025 and totaled $12.80 trillion at the end of March. (The change between 2024Q4 and 2025Q1 was elevated because of a gap in reporting mortgage balances in 2024Q4.) Balances on home equity lines of credit (HELOC) rose by $6 billion, the twelfth consecutive quarterly increase. There is now $402 billion in outstanding HELOC balances, $85 billion above the low reached in the first quarter of 2022. Credit card balances, which now total $1.18 trillion outstanding, fell by $29 billion during the first quarter and are 6.01% above the level a year ago. Auto loan balances declined by $13 billion, and now stand at $1.64 trillion, only the second time since 2011Q2 that auto loan balances have dropped from one quarter to the next. Other balances, which include retail cards and other consumer loans, fell by $12 billion. Student loan balances grew by $16 billion, and now stand at $1.63 trillion. In total, non-housing balances declined by $38 billion, a 0.8% decrease from 2024Q4.
Credit card balances, which now total $1.18 trillion outstanding, fell by $29 billion during the first quarter and are 6.01% above the level a year ago. Auto loan balances declined by $13 billion, and now stand at $1.64 trillion, only the second time since 2011Q2 that auto loan balances have dropped from one quarter to the next. Other balances, which include retail cards and other consumer loans, fell by $12 billion. Student loan balances grew by $16 billion, and now stand at $1.63 trillion. In total, non-housing balances declined by $38 billion, a 0.8% decrease from 2024Q4.
Aggregate delinquency rates increased in the first quarter of 2025. As of the end of March, 4.3 percent of outstanding debt was in some stage of delinquency, up from 3.6 percent in the third quarter. Transition into early delinquency held steady for nearly all debt types; the exception was for student loans, which saw a large uptick in the rate at which balances went from current to delinquent due to the resumption of reporting of delinquent student loans on credit reports after a nearly 5-year pause due to the pandemic. Transition rates into serious delinquency, defined as 90 or more days past due, remained stable for auto loans and credit cards, and saw increases for mortgages, HELOCs, and student loans.