Data Spotlight - Household Debt, Q2 2025 - New York Federal Reserve
Summary
Aggregate nominal household debt balances increased by $185 billion in the second quarter of 2025, a 1% rise from 2025Q1. Balances now stand at $18.39 trillion and have increased by $4.24 trillion since the end of 2019, just before the pandemic recession. See full report
Balances
- Mortgage balances shown on consumer credit reports grew by $131 billion during the second quarter of 2025 and totaled $12.94 trillion at the end of June.
- Balances on home equity lines of credit (HELOC) rose by $9 billion, the thirteenth consecutive quarterly increase. There is now $411 billion in outstanding HELOC balances, $94 billion above the low reached in the first quarter of
2022. - Credit card balances rose by $27 billion during the second quarter and now total $1.21 trillion outstanding and are 5.87% above the level a year ago.
- Auto loan balances rose by $13 billion, and now stand at $1.66 trillion.
- Other balances, which include retail cards and consumer finance loans, were roughly unchanged at $540 billion.
- Student loan balances edged up by $7 billion and now stand at $1.64 trillion.
- In total, non-housing balances increased by $45 billion, a 0.9% increase from 2025Q1.
| Balance Type | Debt | Change |
| Mortgage | $12.94T | $131B+ |
| Auto Loan | $1.66T | $13B+ |
| Student Loan | $1.64T | $7B+ |
| Credit Card | $1.21T | $27B+ |
| Other (Retail/Consumer Finance...) | $540B | Unchanged |
| Home Equity (HOLEC) | $411B | $9B+ |
| Total Non-Housing | * * * | $45B |
Total Debt Chart
Sources
Center for Microeconomic Data - NY Fed Reserve
Debt - Q2, 2025 (pdf)
Debt - Q1, 2025 (pdf)