A Monthly Peek into Americans’ Credit During the COVID-19 Pandemic

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

No 20200806, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Total household debt was roughly flat in the second quarter of 2020, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. But, for the first time, the dynamics in household debt balances were driven primarily by a sharp decline in credit card balances, as consumer spending plummeted. In an effort to gain greater clarity, the New York Fed and the Federal Reserve System have acquired monthly updates for the New York Fed Consumer Credit Panel, based on anonymized Equifax credit report data. We’ve been closely watching the data as they roll in, and here we present six key takeaways on the consumer balance sheet in the months since COVID-19 hit.

Keywords: household finances; Consumer Credit Panel; student loans; mortgages (search for similar items in EconPapers)
JEL-codes: D14 (search for similar items in EconPapers)
Date: 2020-08-06
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