Aggregate household debt balances increased by $184 billion in the first quarter of 2024, a 1.1% rise from the fourth quarter of 2023. The number of accounts closed increases as the number of inquiries decreases.
Balances:
- $190 billion mortgage balance increase during the first quarter of 2024
- $16 billion home equity lines of credit increase
- $14 billion credit card balance decrease
- $9 billion auto loan balance increase
Credit:
- 16% of auto loans originated to borrowers with credit scores under 620
- 770 is the median credit score for newly originated mortgages
- 724 is the median credit score of newly originated auto loans
Delinquency:
- 3.2% of outstanding debt was in some stage of delinquency
- 8.9% of credit card balances and 7.9% of auto loan balances transitioned into delinquency
- 121,000 consumers had a bankruptcy notation added to their credit reports in Q1 2024.