Mortgage debt accounted for nearly three-quarters of all US consumer debt during August, according to the latest Consumer Credit Trends Report published by Equifax (NYSE: EFX).
In August, total US consumer debt totaled $17.91 trillion, up 2.1% year-over-year. Mortgage debt accounted for $13.24 trillion of that total, a 73.9% share. Within that total, first mortgages were 95.2% of mortgage debt outstanding while home equity lines of credit were 3.1% of mortgage debt outstanding.
In comparison, non-mortgage consumer debt totaled $4.68 trillion during August. Within that total, auto loans and leases accounted for a 35.9% share, followed by 28.4% from student loans, 24.4% from credit card balances, and 11.3% from other products.
