Slower Gains for Consumer Credit

Total outstanding US debt stood at $5.05 trillion for the first quarter of 2024, increasing at an annualized rate of 1.86% (SA), according to the Federal Reserve’s G.19 Consumer Credit Report. From the first quarter of 2023 to the first quarter of 2024, the total increased by 2.09%. This is lower than the 6.67% year-over-year (YoY) rise from Q1 2022 to Q1 2023, and the 6.51% YoY rise from Q1 2021 to Q1 2022.

Nonrevolving and Revolving Debt

Of the total outstanding US debt in the first quarter of 2024, the nonrevolving share is 73.47%, with revolving at 26.53%. Nonrevolving debt, primarily made up of student and auto loans, stands at $3.71 trillion (SA) for the first quarter of 2024. Revolving debt, which is primarily made up by credit card debt, stands at $1.34 trillion.

Both nonrevolving and revolving debt have slowed since households’ pandemic-era savings have dwindled. In terms of YoY growth, both nonrevolving and revolving debt peaked in the fourth quarter of 2022 at 15.10% and 5.34% respectively. In the first quarter of 2024, the YoY growth rate for nonrevolving debt decreased to 7.93%, with revolving debt falling to 0.13%. Both experienced their fifth consecutive quarterly decline in YoY growth.­

Student and Auto Loans

Breaking down the components of nonrevolving debt, student loans account for 47.24%, and auto loans make up 41.88% (the G.19 report excludes real estate loans). The collective other loans make up the remaining 10.87% of nonrevolving debt.  

Student loans in the first quarter of 2024 totaled $1.75 trillion (non-seasonally adjusted), marking the third consecutive decrease of 1.31% over the year, following an annual decrease of 1.97% in the previous quarter. The third quarter of 2023 marked the first YoY decrease for student loan debt since the data was first reported.

Auto loans for the first quarter of 2024 were at $1.55 trillion (NSA). Auto loan YoY growth has steadily decelerated over the past five quarters. The fourth quarter of 2021 saw a high of a 13.74% YoY growth compared to the first quarter of 2024 YoY growth rate of 2.41%. This slow down partially reflects higher auto rates, which currently sit at 8.22% (60-month new car loans).


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