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MNI BRIEF: Car, Student Loans Becoming Delinquent Faster-NYFed

(MNI) WASHINGTON
USDataCentral Bank NewsPolicy NewsFederal ReserveData BriefData StoriesBriefStoryRegionNorth America

The proportion of U.S. credit card and auto loans that became delinquent increased in the fourth quarter, signaling increased financial distress among consumers, the New York Fed said Tuesday in its quarterly report on household debt and credit.

Roughly 8.5% of credit card balances and 7.7% of auto loan balances transitioned into delinquency in the fourth quarter at an annualized rate. Auto delinquency transition rates have surpassed pre-pandemic levels and are particularly bad for lower-income areas, New York Fed researchers said. Borrowers in their 30s are also seeing much faster rates of falling into delinquency on credit card balances, the researchers said. Overall delinquency rates rose to 3.1% after bottoming in 2021, but are still 1.6 pp lower than before the pandemic. (See: MNI INTERVIEW: Fed Overtightened But Will Wait 'Til May-Harvey)

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The proportion of U.S. credit card and auto loans that became delinquent increased in the fourth quarter, signaling increased financial distress among consumers, the New York Fed said Tuesday in its quarterly report on household debt and credit.

Roughly 8.5% of credit card balances and 7.7% of auto loan balances transitioned into delinquency in the fourth quarter at an annualized rate. Auto delinquency transition rates have surpassed pre-pandemic levels and are particularly bad for lower-income areas, New York Fed researchers said. Borrowers in their 30s are also seeing much faster rates of falling into delinquency on credit card balances, the researchers said. Overall delinquency rates rose to 3.1% after bottoming in 2021, but are still 1.6 pp lower than before the pandemic. (See: MNI INTERVIEW: Fed Overtightened But Will Wait 'Til May-Harvey)

Keep reading...Show less