-
Mortgage balances shown on consumer credit reports grew by $75 billion during the third quarter of 2024 and totaled $12.59 trillion at the end of September. Balances on home equity lines of credit (HELOC) rose by $7 billion, the tenth consecutive quarterly increase after 2022Q1, and there is now $387 billion in aggregate outstanding balances, $70 billion above the series low reached in the third quarter of 2021. Credit card balances, which now total $1.17 trillion outstanding, grew by $24 billion during the third quarter and are 8.1% above the level a year ago. Auto loan balances rose by $18 billion, and now stand at $1.64 trillion. Other balances, which include retail cards and other consumer loans, remained effectively flat, with a $2 billion increase. Student loan balances grew by $21 billion, and now stand at $1.61 trillion. In total, non-housing balances grew by $65 billion, a 1.3% rise from 2024Q2.
Credit card balances, which now total $1.17 trillion outstanding, grew by $24 billion during the third quarter and are 8.1% above the level a year ago. Auto loan balances rose by $18 billion, and now stand at $1.64 trillion. Other balances, which include retail cards and other consumer loans, remained effectively flat, with a $2 billion increase. Student loan balances grew by $21 billion, and now stand at $1.61 trillion. In total, non-housing balances grew by $65 billion.
Aggregate delinquency rates edged up slightly in the third quarter of 2024. As of September, 3.5 percent of outstanding debt was in some stage of delinquency, up from 3.2 percent in the second quarter. Delinquency transition rates were mixed. Credit card delinquency rates improved, with 8.8 percent of balances transitioning to delinquency at an annual rate compared to 9.1 percent in the previous quarter. Early delinquency transitions for auto loans and mortgages worsened slightly, rising by 0.2 and 0.3 percentage points respectively.