Trends in Debt Concentration in the United States By Income

Donghoon Lee, Matthew Mazewski, Joelle Scally and Basit Zafar

No 20151105, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Household debt in the United States expanded before the Great Recession, contracted afterward, and has been recovering since 2013. But how has the distribution of debt across different income groups evolved over time? Who has been driving the recovery of household debt over the past two years? To date, there has been little work on how borrowing patterns for high- and low-income individuals have changed over time, although one notable exception is Amromin and McGranahan. Here, using the New York Fed Consumer Credit Panel (CCP), a quarterly panel data set based on Equifax credit reports, we shed further light on these questions.

Keywords: debt concentration; student loans; credit access; housing (search for similar items in EconPapers)
JEL-codes: D1 (search for similar items in EconPapers)
Date: 2015-11-05
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