U.S. consumer credit was unchanged on a seasonally adjusted basis in May 2026, completely stalling out as a steep decline in credit card debt canceled out mild growth in longer-term loans. According to the Federal Reserve G.19 Statistical Release, total consumer credit outstanding ticked down marginally by $180 million to a total of $5.1545 trillion. This fell significantly short of market expectations, which had projected a $17.1 billion gain following a sharp, upwardly revised $20.82 billion surge in April.
May 2026 Credit Breakdown
- Revolving Credit (Credit Cards):
- Contracted sharply at an annual rate of -4.7%.
- Total outstanding revolving balances fell to $1.3442 trillion.
- The $63.6 billion annualized drop suggests households pulled back heavily on day-to-day card spending.
- Nonrevolving Credit (Auto & Student Loans):
- Expanded at a modest annual rate of +1.6%.
- Total outstanding nonrevolving balances reached $3.8103 trillion.
- The largest anchor of this sector remains federal student loans, which make up 42.2% of nonrevolving credit.
Terms of Credit & Interest Rates
Average consumer interest rates at commercial banks during the May cycle showed the following benchmarks:
- Credit Card Plans (All Accounts) 20.94%
- Credit Card Plans (Accounts Assessed Interest) 22.15%
- 60-Month New Car Loans 7.14%
- 72-Month New Car Loans 6.97%
- 24-Month Personal Loans 11.86%
Total National Consumer Debt (Including Mortgages)
While the Federal Reserve's G.19 report excludes real estate loans, the broader Equifax U.S. National Consumer Credit Trends Report indicated that total national consumer debt hit $18.23 trillion in May 2026. Within that wider layout, first mortgages and HELOCs command a massive 74.2% chunk ($13.52 trillion) of what American households owe.
If you would like to explore this topic further, please let me know if you want to look at the historical consumer credit trends from the past year or look into the latest loan delinquency rates across different sectors.
Add comment
Comments