Key facts
- Auto loan originations reached a record $211 billion in Q2.
- Credit card balances increased in Q2.
- Home equity balances increased in Q2.
- Overall consumer debt saw a slight fall in Q2 due to mortgage data reporting changes.
- Delinquency rates across all credit types decreased slightly to 4.7% in Q2.
- Credit card arrears saw slight increases in Q1.
- Auto loan arrears saw slight increases in Q1.
- Total household debt rose to $17.69 trillion.
- New York Fed data indicates a decrease in overall household debt delinquencies in Q1.
US consumers are navigating a complex debt landscape, with auto loan originations hitting a record $211 billion in the second quarter. This surge in auto lending contributed to an increase in credit card and home equity balances during the same period. Despite these increases in specific debt categories, overall consumer debt experienced a slight fall in Q2, a change attributed to adjustments in mortgage data reporting. Concurrently, delinquency rates across all credit types saw a marginal decrease, settling at 4.7% in Q2. This improvement in delinquency rates contrasts with slight upticks observed in credit card and auto loan arrears during the first quarter. Total household debt in the US reached $17.69 trillion, according to data from the New York Fed. The New York Fed's report for the first quarter indicated an improvement in overall household debt delinquencies, though it also noted slight increases in arrears for credit card and auto loans during that same period. The second quarter data, however, shows a broader decrease in delinquency rates.