NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $191 billion, 1.0%, in Q4 2025, to $18.8 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. It includes a one-page summary of key takeaways and their supporting data points.
The New York Fed also issued an accompanying Liberty Street Economics blog post examining the interaction between recent mortgage delinquency rates and geographic variation in economic conditions.
“As household debt levels grow modestly, mortgage delinquencies continue to increase,” said Wilbert van der Klaauw, Economic Research Advisor at the New York Fed. “Delinquency rates for mortgages are near historically normal levels, but the deterioration is concentrated in lower-income areas and in areas with declining home prices.”
Mortgage balances grew by $98 billion in the fourth quarter and totaled $13.17 trillion at the end of 2025. Credit card balances rose by $44 billion and stood at $1.28 trillion. Auto loan balances increased by $12 billion to $1.67 trillion, after holding steady during the prior quarter. Home equity line of credit (HELOC) balances increased by $11.6 billion to $434 billion while student loan balances rose by $11 billion to $1.66 trillion. Non-housing balances rose by $81 billion, a 1.6% increase from Q3 2025.
The pace of mortgage originations increased with $524 billion newly originated in Q4 2025. There were $181 billion in new auto loans appearing on credit reports during this quarter, a small dip from the $184 billion observed in Q3 2025. Aggregate limits on credit cards continued to rise, with a $95 billion uptick. HELOC limits rose by $25 billion, 2.5%, continuing an expansion in HELOCs that began in 2022.
Aggregate delinquency worsened in Q4 2025, with 4.8% of outstanding debt in some stage of delinquency. Transitions into early delinquency were mixed with mortgages and student loans increasing, while all other debt types held steady. Transitions into serious delinquency ticked up for credit card balances, mortgages, and student loans while auto loans and HELOC decreased slightly.
Student Loans
- The student loan delinquency rate remains elevated at 9.6% of balances that are 90+ days delinquent. This reflects continued effects from the resumption of payment reporting following the extended pandemic forbearance period.
- Approximately one million student loan borrowers who were more than 120 days past due had their loans transferred to the U.S Department of Education’s Default Resolution Group.
Household Debt and Credit Developments as of Q4 2025
| Category | Quarterly Change * (Billions $) | Annual Change** (Billions $) | Total As of Q4 2025 (Trillions $) |
| Mortgage Debt | (+) $98 | (+) $565 | $13.17 |
| Home Equity Line of Credit | (+) $12 | (+) $38 | $0.434 |
| Student Debt | (+) $11 | (+) $49 | $1.664 |
| Auto Debt | (+) $12 | (+) $12 | $1.667 |
| Credit Card Debt | (+) $44 | (+) $66 | $1.277 |
| Other | (+) $14 | (+) $10 | $0.564 |
| Total Debt | (+) $191 | (+) $740 | $18.776 |
*Change from Q3 2025 to Q4 2025
** Change from Q4 2024 to Q4 2025
Flow into Serious Delinquency (90 days or more delinquent)
| Category1 | Q4 2024 | Q4 2025 |
| Mortgage Debt | 1.09% | 1.38% |
| Home Equity Line of Credit | 0.56% | 1.24% |
| Student Loan Debt | 0.70% | 16.19% |
| Auto Loan Debt | 2.96% | 2.95% |
| Credit Card Debt | 7.18% | 7.13% |
| Other | 5.63% | 5.13% |
| ALL | 1.70% | 3.26% |
About the Report
The Federal Reserve Bank of New York’s Household Debt and Credit Report provides unique data and insight into the credit conditions and activity of U.S. consumers. Based on data from the New York Fed’s Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data, the report provides a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans, and delinquencies. The report aims to help community groups, small businesses, state and local governments, and the public to better understand, monitor, and respond to trends in borrowing and indebtedness at the household level. Sections of the report are presented as interactive graphs on the New York Fed’s Household Debt and Credit Report webpage and the full report is available for download.
