24.2% of U.S. families had an "other installment loan" in 2025, up from 18.6% in 2022 and 10.7% in 2019, according to the Federal Reserve's Survey of Consumer Finances. The Fed says the growth of buy now, pay later (BNPL) plans explains nearly all of the increase: 12% of families reported a BNPL balance in 2025, up from 7% in 2022. Among families with a BNPL balance, the median was $400 and the mean $1,400.
"Other installment loans" is the Fed's category for installment debt that is not a mortgage, car loan or student loan. It includes personal loans, loans for furniture and appliances, medical debt and back taxes, and since 2022 the survey has asked about BNPL plans directly. Because most BNPL balances are small, the median balance for the whole category fell to $2,000 in 2025.
What changed
The share of families with any debt barely moved: 77.0% in 2025 compared with 77.4% in 2022. What changed was the mix. Fewer families had car loans (32.1%, down from 34.7%) and student loans (19.9%, down from 21.7%), while the share with a credit card balance was about the same (44.7%). The 24.2% share with other installment loans is the highest in the survey's history back to 1989.
The rise was broad. Among families in the bottom fifth by income, 21.7% had other installment loans in 2025, compared with 10.5% in 2019. Among families headed by someone under 35, it was 31.2%, compared with 12.1%.
Share of families with each type of debt
| Type of debt | Share of families, 2019 | 2022 | 2025 | Median balance if held, 2025 |
|---|---|---|---|---|
| Mortgage on home | 40.0% | 40.9% | 40.8% | $185,000 |
| Home equity line of credit | 4.5% | 3.5% | 3.7% | $38,000 |
| Other residential debt | 4.7% | 4.4% | 4.4% | $149,000 |
| Credit card balance | 45.4% | 45.2% | 44.7% | $3,100 |
| Unsecured line of credit | 1.5% | 1.6% | 1.9% | $3,200 |
| Education loans | 21.4% | 21.7% | 19.9% | $25,500 |
| Vehicle loans | 36.9% | 34.7% | 32.1% | $17,000 |
| Other installment loans | 10.7% | 18.6% | 24.2% | $2,000 |
| Other debt | 5.2% | 5.1% | 5.0% | $5,400 |
| Any debt | 76.6% | 77.4% | 77.0% | $88,390 |
Medians are for families that hold that type of debt, in 2025 dollars. Mortgage, HELOC and other residential debt use the Fed's historical-table categories, which differ slightly from the summary report's table 4. The report rounds some 2022 shares differently (for example 18.5% for other installment loans).
Other installment loans and other debts since 1989
| Survey year | Other installment loans | Vehicle loans | Education loans | Credit card balance | Mortgage on home | Any debt |
|---|---|---|---|---|---|---|
| 2025 | 24.2% | 32.1% | 19.9% | 44.7% | 40.8% | 77.0% |
| 2022 | 18.6% | 34.7% | 21.7% | 45.2% | 40.9% | 77.4% |
| 2019 | 10.7% | 36.9% | 21.4% | 45.4% | 40.0% | 76.6% |
| 2016 | 11.3% | 33.8% | 22.3% | 43.9% | 40.0% | 77.1% |
| 2013 | 10.3% | 30.9% | 19.9% | 38.1% | 41.5% | 74.5% |
| 2010 | 11.6% | 30.2% | 19.1% | 39.4% | 45.2% | 74.9% |
| 2007 | 10.3% | 34.9% | 15.2% | 46.1% | 46.3% | 77.0% |
| 2004 | 8.6% | 35.6% | 13.4% | 46.2% | 46.0% | 76.4% |
| 2001 | 11.1% | 34.9% | 11.5% | 44.4% | 43.4% | 75.1% |
| 1998 | 12.5% | 31.4% | 11.3% | 44.1% | 42.0% | 74.0% |
| 1995 | 16.0% | 31.7% | 11.9% | 47.3% | 40.4% | 74.5% |
| 1992 | 19.1% | 29.8% | 10.7% | 43.7% | 38.5% | 73.2% |
| 1989 | 22.0% | 34.7% | 8.9% | 39.7% | 38.6% | 72.3% |
By income and age, 2025
| Families | Other installment loans, 2025 | Other installment loans, 2019 | Vehicle loans, 2025 | Education loans, 2025 | Credit card balance, 2025 |
|---|---|---|---|---|---|
| Income: bottom 20% | 21.7% | 10.5% | 12.2% | 12.1% | 29.8% |
| Income: 20th-39.9th percentile | 27.4% | 11.9% | 28.9% | 18.6% | 46.4% |
| Income: 40th-59.9th | 26.6% | 13.4% | 34.9% | 20.3% | 57.0% |
| Income: 60th-79.9th | 29.4% | 9.8% | 46.7% | 28.4% | 56.0% |
| Income: 80th-89.9th | 19.2% | 11.3% | 45.5% | 27.4% | 41.1% |
| Income: top 10% | 6.8% | 2.8% | 20.3% | 5.8% | 15.8% |
| Age: under 35 | 31.2% | 12.1% | 32.7% | 36.6% | 48.2% |
| Age: 35-44 | 29.4% | 12.2% | 39.5% | 31.1% | 51.9% |
| Age: 45-54 | 33.4% | 11.3% | 41.4% | 24.1% | 48.9% |
| Age: 55-64 | 22.3% | 12.6% | 35.4% | 14.1% | 49.4% |
| Age: 65-74 | 15.8% | 8.1% | 24.3% | 5.3% | 37.8% |
| Age: 75 or older | 9.0% | 5.6% | 15.5% | * | 27.6% |
* Too few families in the survey to report. The CSV has every group in the Fed's table for each survey year, with median balances in nominal dollars as published in the historical tables.
Why it matters
Small installment debts can be easy to overlook. BNPL plans often charge no interest if paid on time, but they can carry late fees, and several plans at once can add up. Many BNPL plans are not reported to credit bureaus the way credit cards and loans are, so surveys like this are one of the few ways to see how widespread they are. Our page on buy now, pay later laws covers how states are starting to regulate these loans.
What you can do
- List every installment plan and personal loan you have, with the payment dates, so payments do not collide.
- Before using BNPL, check the late fee, whether there is interest, and whether the lender reports to credit bureaus.
- For a larger purchase, compare the BNPL APR, if any, with a credit union personal loan or a card with a 0% promotional rate.
- If payments are getting hard to manage, a nonprofit credit counselor can help you set priorities at no or low cost.
What these numbers are
The Survey of Consumer Finances is a survey of U.S. families conducted every three years; 4,367 families were interviewed for the 2025 survey, and results are weighted to represent all families. Shares are the percentage of families holding each kind of debt; median balances are only for families that hold it. The BNPL figures come from the text of the Fed's report, not from a table, and the historical table does not separate BNPL from other installment loans. Survey estimates have sampling error.
Source
Board of Governors of the Federal Reserve System, 2025 Survey of Consumer Finances, historical tables (nominal), Alternate Table 13, and Changes in U.S. Family Finances from 2022 to 2025 (October 2026), table 4 and pages 26-27, downloaded October 20, 2026. U.S. government data. Our tables are available under CC BY 4.0. Credit "My Credit Guide (mycreditguide.org)".
Steven Reynolds, "Family Debt by Type: Who Owes What, 1989-2025," My Credit Guide, October 20, 2026, https://mycreditguide.org/data/family-debt-by-type/.