Equifax reported that U.S. consumer debt reached $18.56 trillion in September 2026, up 2.9% from a year earlier, in its monthly National Consumer Credit Trends report released November 6. This is Equifax’s measure—not the New York Fed’s separate quarterly Household Debt and Credit report, which is scheduled for November 10. The distinction matters because the two reports use different data and methodologies. The number is enormous, but it needs context: mortgages account for most of the total, while the non-mortgage portion is where auto loans, student loans and credit-card balances compete for a share of household income.

Equifax reported $13.77 trillion in mortgage debt, equal to 74.2% of total consumer debt. Non-mortgage debt stood at $4.79 trillion. Within that category, auto loans and leases made up 36.5%, student loans 26.9%, credit-card balances 24.6% and other products 12%. That breakdown matters because different forms of debt carry different interest rates, repayment structures and consequences when a household falls behind.

The headline total is not the same as a household crisis

A national debt figure combines millions of borrowers with very different circumstances. A mortgage balance is typically attached to a long-term asset and paid over decades. A credit-card balance may carry a much higher interest rate and can become expensive quickly if a borrower makes only minimum payments. Student loans may have income-based repayment options, while auto loans are tied to vehicles that can lose value over time.

Equifax said auto-loan and lease balances reached $1.74 trillion, up 3.7% year over year. Bankcard balances rose to $1.13 trillion, up 3.9%. Average bankcard utilization was 20.3%, slightly lower than 20.8% a year earlier. The report also showed that severe delinquency rates were not uniformly rising: the 60-day-plus auto delinquency rate was 1.5%, while the bankcard rate was 2.74%. These measures help show why total balances alone cannot describe financial stress.

Why interest rates and monthly payments matter

For borrowers, the cost of debt is often more important than the size of the national total. A household with a manageable fixed-rate mortgage may be in a different position from a household carrying high-interest revolving balances. When rates are elevated, refinancing becomes less attractive, new borrowing costs more, and variable-rate balances can become harder to pay down. Even borrowers who remain current may have less money available for savings, emergencies and discretionary purchases.

A separate New York Fed Q3 2026 Household Debt and Credit report is due November 10 at 11 a.m. Eastern. It will provide a quarterly snapshot based on its nationally representative Consumer Credit Panel. Readers should compare the categories and definitions before treating its totals as a direct update to Equifax’s monthly figure. The most practical step is to map debt by interest rate, minimum payment, balance and due date. That creates a clear picture of which obligations are most expensive. Borrowers who can afford it may prioritize high-interest balances while keeping required payments current on other accounts. Anyone considering consolidation should compare fees, promotional periods, total repayment costs and the risk of turning unsecured debt into debt secured by a home or vehicle.

A simple household debt check-up

• List every balance, interest rate, minimum payment and due date.
• Separate secured debt, such as mortgages and auto loans, from revolving credit-card balances.
• Review credit reports for errors and unfamiliar accounts.
• Build a small emergency buffer so unexpected expenses do not automatically become new card debt.
• Contact lenders early if a payment problem is developing; ask about hardship options before missing payments.

The goal is not to eliminate all borrowing. Credit can support homeownership, education, transportation and business activity. The goal is to borrow on terms that fit income and to avoid allowing high-cost balances to crowd out essential expenses or long-term savings.

The bottom line

The $18.56 trillion figure shows the scale of U.S. borrowing, but the more useful story is how that debt is distributed. Mortgages dominate the total, while auto loans, student debt and credit cards shape the monthly pressure many households feel. The Equifax data show growth in several categories, alongside mixed delinquency indicators. For consumers, the smartest response is to focus on their own rates, payment obligations and cash flow—not to treat one national number as a verdict on every household.

Sources and further reading

• Equifax — September 2026 U.S. National Consumer Credit Trends Report
• Bureau of Labor Statistics — October 2026 employment and wage data
• Federal Reserve Bank of New York: Q3 2026 Household Debt and Credit report release advisory