Just Released: More Credit Cards, Higher Limits, and... an Uptick in Delinquency
Donghoon Lee (),
Joelle Scally and
Wilbert van der Klaauw ()
No 20170815, Liberty Street Economics from Federal Reserve Bank of New York
Today the New York Fed’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit for the second quarter of 2017. Overall debt balances increased in the period, continuing their moderate growth since 2013. Nearly all types of balances grew, with mortgages and auto loans rising by $64 billion and $23 billion, respectively. Credit card balances increased by $20 billion, recovering from the typical seasonal first-quarter decline. The overall balance surpassed its previous peak in the first quarter. We wrote here about how the new peak poses little concern in and of itself—after all, the debt’s composition and characteristics are now very different than in 2008. There are, however, aspects of the household balance sheet that warrant close monitoring. For example, last year, we pointed out that there had been a moderate rise in the number of credit cards issued to nonprime borrowers. Separately, last quarter we noted an uptick in delinquency transitions for credit card balances, and we observed another climb in this quarter. So here, we further investigate how credit card balances, accounts, and delinquencies have evolved over the past year.
Keywords: household finance; credit cards; consumer credit panel; CCP; credit (search for similar items in EconPapers)
JEL-codes: D1 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-pay
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
https://libertystreeteconomics.newyorkfed.org/2017 ... -in-delinquency.html Full text (text/html)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:fip:fednls:87209
Ordering information: This working paper can be ordered from
Access Statistics for this paper
More papers in Liberty Street Economics from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by ().