Credit card delinquency and Covid-19: Neighborhood trends in the Seventh District

Sharada Dharmasankar (), Taz George, Robin G. Newberger and Mark O'Dell

Chicago Fed Letter, 2021, issue 454, 7

Abstract: The Covid-19 pandemic has resulted in great economic and financial disruption. To better understand how financial hardships have varied across communities, we investigate credit card delinquencies across the states of the Federal Reserve’s Seventh District: Illinois, Indiana, Iowa, Michigan, and Wisconsin. While we find a slight increase of less than 1 percentage point in delinquency rates across the District overall following the onset of the pandemic, we find more pronounced increases of about 2 percentage points in low- and moderate-income (LMI) neighborhoods and about 3 percentage points in majority Black neighborhoods.

JEL-codes: D14 R23 (search for similar items in EconPapers)
Date: 2021
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