Americans are carrying more debt than ever before, with total consumer credit hitting $17.73 trillion in April 2025, according to the latest Consumer Credit Trends Report from Equifax.
That’s a 1.5% jump from the same time last year, according to Equifax, and the numbers reveal some interesting shifts in how Americans are borrowing and spending.
Mortgage debt dominates, accounting for $13.13 trillion, which is approximately 74% of all consumer debt. However, according to Equifax, it’s the other $4.61 trillion in non-mortgage debt that reveals the real story about where Americans are feeling the pinch.
Why car payments aren’t breaking the bank yet
Despite all the talk about unaffordable vehicles and sky-high interest rates, auto loans seem remarkably stable. They represent the largest slice of non-mortgage debt, at 36.2%, totaling $1.67 trillion. However, this figure grew only 1.5% year-over-year, matching the overall debt growth rate, according to Equifax.
Perhaps even more surprising is that he severe delinquency rate for those 60 or more days past due held steady at 1.36%, unchanged from last year, according to Equifax.
With 87 million auto loan accounts barely budging, Equifax data suggests Americans have found their equilibrium with car payments. They’re not taking on significantly more auto debt, but they’re managing what they have. This stability may reflect that cars are often a lifeline to work and income, so people prioritize keeping these loans current.
The credit card conundrum
Now here’s where things get interesting. Credit card balances jumped 4.4% to $1.05 trillion, nearly triple the overall debt growth rate, according to Equifax. You’d think that spells trouble, but the data suggests something more nuanced is happening.
Average credit card utilization actually dropped from 21.1% to 20.8%, meaning cardholders have more available credit relative to their balances, according to Equifax. The severe delinquency rate also inched down from 3.06% to 3.01%, according to Equifax. While Americans are charging more, many appear to be doing so more strategically, or at least maintaining access to higher credit limits.
This could mean that consumers are using cards for rewards, points, or big-ticket purchases they plan to pay off quickly, rather than relying on them for day-to-day expenses. It might also reflect that banks have expanded credit lines, making balances look smaller in proportion. Either way, it challenges the usual narrative that higher card balances always signal financial distress.
Student loans: The $1.31 trillion elephant
Student loans claim 28.5% of non-mortgage debt, translating to roughly $1.31 trillion, according to Equifax. The report doesn’t specify year-over-year changes, but that massive figure represents millions of borrowers still working to pay off balances from education expenses incurred years or even decades ago. It serves as a reminder that education debt is not just a problem for young people. It remains a lasting weight that continues to shape decisions about homebuying, family planning, and retirement savings.
Many households juggle student loan payments alongside mortgages, car loans, and credit card bills. Even if delinquency rates on student loans aren’t highlighted in this report, the sheer size of this debt shows how deeply it affects long-term financial health. It also highlights the importance of planning carefully for education costs and avoiding excessive borrowing.
Preparing your finances for the next storm
These numbers suggest many Americans are in a holding pattern rather than a crisis. Delinquency rates remain stable, and debt growth is modest, according to Equifax. But that doesn’t mean it’s time to relax.
The 4.4% spike in credit card debt deserves attention. Even with lower utilization rates, rising balances mean more money going to interest payments. If you’re carrying a balance, now is the time to tackle it while offers stay competitive and rates remain relatively manageable.
For homeowners, that $13.13 trillion in mortgage debt represents both security and risk. With first mortgages accounting for 95.4% of home-related debt and HELOCs making up just 2.9%, according to Equifax, most homeowners aren’t tapping their equity aggressively — likely a wise move in today’s rate environment. Using home equity too freely can put future stability at risk, especially if housing prices fluctuate or if income unexpectedly drops.
It appears that Americans are managing their debt loads for now, but total debt continues to rise as incomes remain stagnant. Taking steps such as paying down high-interest debt, refinancing to better terms, or building up emergency savings can provide a crucial financial cushion. For example, SoFi Checking is offering 3.8% interest, plus a potential $300 signup bonus. This may change without notice.
Being proactive today could help you avoid financial strain down the road if economic conditions shift unexpectedly.
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