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Assets
Financial Assets$61.8T
Stocks & Equities$47.2T
21% of households
Cash & Deposits$9.6T
99% of households
Bonds & Fixed Income$6.2T
1% of households
Retirement & Tax-Adv.$77.8T
Retirement Accounts$48.1T
54% of households
IRAs$18.9T
31% of households
401(k) Plans$10.0T
50% of households
529 Plans$603B
13% of households
HSAs$159B
27% of households
Real Assets$87.1T
Real Estate$48.0T
66% of households
Commercial Real Estate$22.5T
6% of households
Residential Rentals$10.3T
13% of households
Farms$3.6T
1.5% of households
Vehicles$2.4T
87% of households
Mineral Rights$314B
9% of households
Business & Insurance$20.1T
Private Business$16.0T
15% of households
Life Insurance$2.2T
16% of households
RSUs & Equity Comp$2.1T
8% of households
Total Assets $181.6T
Ownership %: Federal Reserve SCF, 2022
Liabilities
Housing Debt$14.8T
Mortgages$13.77T
42% of households
HELOCs$434B
4% of households
HELOANs$562B
~3% of households
Consumer Credit$3.6T
Vehicle Loans$1.67T
35% of households
Credit Cards$1.33T
45% of households
Personal Loans$276B
19% of households
Vehicle Leases$209B
~10% of households
BNPL Debt$70B
~17% of households
Education & Health$2.1T
Student Loans$1.66T
22% of households
Medical Debt$194B
~14% of households
Deferred Medical$200B
~36% of households
Other Debt$2.2T
Margin Loans & SBLOCs$1.23T
~4% of households
Personal Guarantees$840B
~6% of households
Insurance Policy Loans$151B
~5% of households
Total Liabilities $20.9T
Holding %: Federal Reserve SCF 2022 & agency estimates
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Home / Liabilities / Buy Now, Pay Later (BNPL) Debt

Buy Now, Pay Later (BNPL) Debt

Time series data on U.S. buy now, pay later debt, a rapidly growing consumer credit category.

BNPL originations reached ~$70B in 2025, a 30-fold increase since 2019
Data View Commentary →
Annual BNPL Origination Volume
$70.0B 2025 (est.)
Source: CFPB, Buy Now Pay Later Market Trends (Dec 2025) · Richmond Fed estimates · Total market originations including point-of-sale and app-based, 2019–2025
Number of BNPL Users
91.5M 2025 (est.)
Source: eMarketer / Insider Intelligence · Capital One Shopping Research · U.S. adults who used at least one BNPL service in the year, 2019–2025
Share of U.S. Adults Using BNPL
15% 2024
Source: Federal Reserve, Survey of Household Economics & Decisionmaking (SHED) · Share of adults who used BNPL in the prior 12 months, 2019–2024
Average Annual BNPL Spend per User
$765 2025 (est.)
Source: Computed from total origination volume ÷ number of users · Based on CFPB and eMarketer data, 2019–2025
BNPL Originations by Credit Score Tier
38% deep subprime 2025 (est.)
Source: CFPB, Buy Now Pay Later Report (Jan 2025), Table 3 · Share of BNPL originations by VantageScore tier, 2019–2025. 2019–2020 and 2023–2025 are estimates based on trend interpolation from 2021–2022 actuals.

Key Data

Summary metrics on U.S. buy now, pay later debt, origination volume, user adoption, and credit quality.

Metric Value Period Source
Annual BNPL origination volume~$70 billion2025 (est.)CFPB / Richmond Fed
Number of BNPL users~91.5 million2025 (est.)eMarketer / Capital One Shopping
Share of adults using BNPL15%2024Federal Reserve SHED
Average annual BNPL spend per user~$7652025 (est.)Computed (volume / users)
Deep subprime share of originations~38%2025 (est.)CFPB
Subprime + deep subprime combined~52%2025 (est.)CFPB
Year-over-year volume growth (2024–2025)~21%2025 (est.)CFPB / Richmond Fed
BNPL volume CAGR (2019–2025)~77%2019–2025Computed
Peak deep subprime share46%2022CFPB
Average BNPL order size (Afterpay)~$150–$2002024CFPB
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