Key Highlights

  • Total U.S. consumer Debt reached $18.56 trillion in September 2026, up 2.9% year over year.
  • HELOC balances rose to $461.9 billion, a 13.3% increase from a year earlier.
  • Non-mortgage debt write-offs held steady at $104.9 billion year to date.
  • HELOCs now account for 3.4% of total outstanding Mortgage debt.

Equifax (NYSE:EFX) released its Market Pulse Third Quarter U.S. Consumer Credit Trends report on November 11, 2026, showing that total U.S. consumer debt reached $18.56 trillion in September 2026. The figure is 2.9% higher than a year earlier, with mortgage debt remaining the largest driver. The report draws on the company’s proprietary data and covers trends through September, offering a snapshot of how households are borrowing and repaying.

Equifax is an information and analytics company that supplies credit data to lenders. Its quarterly reports are widely watched because they offer an early look at changes in borrowing, delinquencies and write-offs across Loan categories.

Home Equity Borrowing Accelerates

Home equity lines of credit, or HELOCs, expanded to $461.9 billion in September 2026. That represents a 13.3% increase from $407.7 billion a year earlier, and a 1.7% rise from August. HELOCs now make up 3.4% of total outstanding mortgage debt, a share that reflects homeowners continuing to tap accumulated equity as they manage expenses or fund projects.

The growth in HELOCs is notable because it suggests households are relying on property values to access funds rather than moving to new loans. That can support consumer spending, but it also links household borrowing more closely to home prices, which could become a concern if those values decline.

Write-Offs and Delinquencies Hold Steady

Non-mortgage debt write-offs were steady at $104.9 billion year to date, pointing to what Equifax described as overall resilience across consumer portfolios. Trends differ across categories, with auto, bankcard and student loans each showing different patterns, which the company said reflects shifting economic pressures.

Equifax also noted that elevated borrowing costs and persistent Inflation continue to stretch household budgets, especially for lower-income groups. The top-line improvement in debt levels therefore masks uneven conditions, and borrowers at the lower end of the income range may be more exposed to rising payments.

What the Data Suggests for Lenders

The data is useful for lenders assessing portfolio risk, because it shows where balances are growing and where losses are stable or rising. A steady write-off level alongside rising balances can signal that lenders are extending credit carefully, though it also leaves less room for error if conditions change quickly.

For Equifax, the report reinforces its role as a source of credit intelligence. Its value to customers depends on the accuracy and timeliness of the data, and continued publication of these trend reports helps build Demand for its analytics services across the lending market.

Final Word

Equifax’s third-quarter data shows U.S. consumer debt growing to $18.56 trillion, led by mortgages and a sharp rise in home equity borrowing. Write-offs have held steady, but higher borrowing costs and inflation continue to pressure lower-income households. The next quarterly reports will show whether home equity growth continues and whether delinquencies in other categories begin to move.