Just Released: Hints of Increased Hardship in America’s Oil-Producing Counties

Andrew Haughwout, Donghoon Lee, Joelle Scally and Wilbert van der Klaauw

No 20160524, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Today, the New York Fed released the Quarterly Report on Household Debt and Credit for the first quarter of 2016. Overall debt saw one of its larger increases since deleveraging ended, while delinquency rates for the United States continued to improve and remain at very low levels. Although the overall picture of Americans? liabilities has continued to improve since the financial crisis, we wondered what the variation looks like at local levels. One advantage of our Consumer Credit Panel (CCP), which is based on Equifax credit data, is that we can examine geographic variation in debt and delinquency rates. Here, we use the CCP to examine the borrowing and delinquency in oil-producing geographies in the United States, where the economic trends since the Great Recession have been very different from those in the rest of the country.

Keywords: Credit; delinquency; Energy (search for similar items in EconPapers)
JEL-codes: D1 R3 (search for similar items in EconPapers)
Date: 2016-05-24
New Economics Papers: this item is included in nep-ene
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