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Monday, March 16, 2026

NY Fed: Americans' credit applications rise to highest level since October 2022

 Household Debt Balances Reach $18.8 Trillion in the Fourth Quarter

Total household debt increased by $191 billion to hit $18.8 trillion in the fourth quarter, according to the latest Quarterly Report on Household Debt and Credit. Mortgage balances grew by $98 billion to total $13.17 trillion at the end of December. The pace of mortgage originations continued increasing, with $524 billion newly originated in the fourth quarter. Credit card balances rose by $44 billion from the previous quarter and stood at $1.28 trillion, while auto loan balances increased by $12 billion to $1.67 trillion after holding steady last quarter. HELOC balances increased by $11.6 billion to $434 billion, while HELOC limits rose by $25 billion, continuing an expansion that began in 2022. Student loan balances rose by $11 billion to $1.66 trillion.

For more details:
Report: Q4 2025
Blog: Where Are Mortgage Delinquencies Rising the Most?
Press Release: Household Debt Balances Grow Modestly; Early Delinquencies Level Out for Non-Housing Debts
Total Debt BalancetrillionNon-housing debtHousing debt2004:Q12005:Q12006:Q12007:Q12008:Q12009:Q12010:Q12011:Q12012:Q12013:Q12014:Q12015:Q12016:Q12017:Q12018:Q12019:Q12020:Q12021:Q12022:Q12023:Q12024:Q12025:Q1$0.0$2.0$4.0$6.0$8.0$10.0$12.0$14.0$16.0$18.0$20.0Source: FRBNY Consumer Credit Panel/Equifax

  • Mortgage balances shown on consumer credit reports grew by $98 billion during the fourth quarter of 2025 and totaled $13.17 trillion at the end of December. Balances on home equity lines of credit (HELOC) rose by $12 billion, the 15th consecutive quarterly increase. There is now $433 billion in outstanding HELOC balances, $116 billion above the low reached in 2022Q1. In total, non-housing balances increased by $81 billion, a 1.6% increase from 2025Q3. Credit card balances rose by $44 billion during the fourth quarter and now total $1.28 trillion outstanding, up 5.5% since last year. Auto loan balances edged up by $12 billion to $1.66 trillion. Other balances, which include retail cards and consumer finance loans, rose by $14 billion and now total $564 billion. Student loan balances increased by $11 billion and now stand at $1.66 trillion.
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