The New York Fed Quarterly Report on Household Debt and Credit for 2025-Q4 shows disturbing trends in delinquencies.

Delinquency & Public Records

Aggregate delinquency rates worsened slightly in the fourth quarter of 2025. As of the end of December, 4.8% of outstanding debt was in some stage of delinquency, 0.3 percentage points higher than 2025Q3.

Transition into early delinquency ticked up slightly for mortgages and more significantly for student loans, but held mostly steady for autos, credit cards, and HELOCs.

About 124,000 consumers had a bankruptcy notation added to their credit reports in 2025Q4, from 141,000 in previous quarter.

Housing Debt

There was $524 billion in newly originated mortgage debt in 2025Q4.

About 58,000 individuals had new foreclosure notations on their credit reports, an increase from the previous quarter.

Student Loans

Outstanding student loan debt stood at $1.66 trillion in 2025Q4.

The student loan delinquency rate remains elevated at 9.6% of balances 90+ days delinquent, reflecting continued effects from the resumption of payment reporting following the extended pandemic forbearance period.

Approximately one million student loan borrowers who were more than 120 days past due had their loans transferred to the U.S Department of Education's Default Resolution Group.

Household 2025 Q4 Percent of Balance Delinquent

Delinquency by Loan Type Details

Credit card and auto loan defaults have surged to the highest levels since 2010-2011

Mortgage loans and home equity loans defaults are low.

This is the opposite of the Great Recession housing bust that started in 2007.

On average, those who own their home are doing much better than those who don't. But not all home owners are doing great.

Many new home buyers struggle. And home owner's insurance and property taxes have soared.