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Performance Report: Consumer Unsecured, August 2025
23 September 2025

August Update: Seasonal Trends, Consumer Credit Weakness Deepens While Unsecured Outperformance Persists
Our latest performance report is now available.
Quick Insights
Consumer Unsecured: Outperformance Holds Through Seasonal Headwinds
August is typically a weaker month, but Consumer Unsecured outperformed seasonally adjusted comps across all metrics
30+ Impairments rose only 2 bps MoM, far below seasonal norms
Cure and Made Payment rates hit new record highs on a 3-month average basis, eclipsing even 2021 peaks
Impairments Net Charge-offs improved materially, with YoY declines >20 bps for the 11th time in 12 months
Federal Reserve Data: Credit Weakness at Historic Levels
Consumer credit fell in Q2 across most income cohorts, marking the weakest Q2 since 2010
YoY credit growth remains negative for the third consecutive quarter, unprecedented outside the GFC
Adjusted for lower charge-offs, today’s credit contraction may be as deep—or deeper—than post-GFC
The Top 1% income cohort has held >40% of all consumer credit for 11 straight quarters, the longest streak on record
Household Net Worth: Real Estate Surprise, Equity Gains Lead
Net worth rose materially across all cohorts in Q2, driven by equities, pensions, and real estate
Real estate net worth grew 2% but remains below prior peaks; Zillow data suggests DFA continues to understate values
Since 2022, Bottom 80% cohorts have added $1.6T in real estate assets against $630B in new mortgage debt, but true price appreciation appears far lower than Zillow’s reported 10%+
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Performance Report: Consumer Unsecured, August 2025
23 September 2025