Younger Borrowers Are Struggling with Credit Card and Auto Loan Payments
Andrew F. Haughwout,
Joelle Scally and
Wilbert van der Klaauw
Additional contact information
Andrew F. Haughwout: https://www.newyorkfed.org/research/economists/haughwout
Donghoon Lee: https://www.newyorkfed.org/research/economists/lee
Daniel Mangrum: https://www.newyorkfed.org/research/economists/mangrum
No 20230216, Liberty Street Economics from Federal Reserve Bank of New York
Total debt balances grew by $394 billion in the fourth quarter of 2022, the largest nominal quarterly increase in twenty years, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. Mortgage balances, the largest form of household debt, drove the increase with a gain of $254 billion, while credit card balances saw a $61 billion increase—the largest observed in the history of our data, which goes back to 1999.
Keywords: consumer credit panel; delinquency (search for similar items in EconPapers)
JEL-codes: D14 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mfd, nep-pay and nep-ure
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