The rate of consumer debt accelerated in December compared to the prior two years, according to the Equifax Market Pulse Fourth Quarter U.S. Consumer Credit Trends released Feb. 26.
The report includes U.S. national consumer credit data and trends through December 2025 sourced from Equifax proprietary data. According to Equifax, total U.S. consumer debt reached $18.20 trillion by the end of 2025. In addition to consumer debt growth accelerating, a persistent K-shaped divide underscores a widening financial chasm between income brackets.
“Average subprime credit card utilization remained flat at 75.6% from quarter three to quarter four of 2025, despite rising prices, higher interest rates, and increased delinquencies,” said Maria Urtubey, Market Pulse Advisor at Equifax. “However, topline improvements can mask financial stress in certain groups. While higher-income consumers continue to benefit from asset inflation and expanded credit availability, many others remain under pressure, and the broader economic picture still shows uneven financial health. This divergence reinforces the K-shaped economic divide observed in prior quarters and underscores the need to evaluate multiple factors when gauging the financial health of American consumers.”
In the fourth quarter of 2025, Equifax data shows that delinquency rates across several major lending products have begun to ease from more recent highs, though they remain elevated relative to pre-pandemic norms. As of December 2025, 5.7% of consumers had at least one payment 60+ days past due (DPD)—down from a peak of 6.8% in the third quarter. Despite ongoing economic pressures including inflation, tariffs, and slower job growth, overall consumer financial health has remained relatively consistent.
