Equifax reports US consumer debt rose to $18.56 trillion

Equifax’s national Market Pulse data show US consumer debt reached $18.56 trillion in September 2026, up 2.9% from a year earlier, led by mortgages and home equity lines of credit—credit limits homeowners can borrow against using their home equity as collateral.^[1] First mortgages, which give the lender first claim on the property if the borrower defaults, remained the largest component at $13.08 trillion.^[1]

Meanwhile, non-mortgage delinquencies and write-offs stabilized: delinquencies are overdue payments, while write-offs remove loans a lender expects it cannot collect from its assets.^[1]

For banks and consumer lenders, larger loan balances can expand the assets earning interest, while steadier delinquencies and write-offs can ease pressure from worsening credit losses; the profit benefit still depends on loan pricing, funding costs and subsequent repayments.^[1]

If credit stress remains stable, lenders may be more willing to maintain credit availability, helping households retain access to borrowing and supporting retailers and other consumer-facing businesses; these debt balances do not establish how much additional spending households made.^[1]

Impact

What to watch next

• US initial and continuing jobless claims on November 12 will provide a fresh check on employment; weakening employment could put households’ ability to keep repaying debt under pressure.
• October US retail sales, due November 17, will test whether resilient household borrowing is accompanied by support for spending on goods.