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MNI: Consumer Delinquency Rates Rose In Q1 - NY Fed

(MNI) WASHINGTON
USPolicy NewsHomepageCentral Bank NewsFederal ReserveBriefStoryRegionNorth America

U.S. consumer delinquency rates increased on the whole in the first quarter of the year with 3.2% of outstanding debt in some stage of delinquency at the end of March, the New York Fed said Tuesday in its quarterly report on household debt and credit. Delinquency transition rates increased for all debt types.

Annualized, approximately 8.9% of credit card balances and 7.9% of auto loans transitioned into delinquency, the New York Fed report said. Delinquency transition rates for mortgages increased by 0.3 percentage point yet remain low by historic standards. The report shows total household debt increased by USD184 billion (1.1%) in the first quarter to USD17.69 trillion.

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U.S. consumer delinquency rates increased on the whole in the first quarter of the year with 3.2% of outstanding debt in some stage of delinquency at the end of March, the New York Fed said Tuesday in its quarterly report on household debt and credit. Delinquency transition rates increased for all debt types.

Annualized, approximately 8.9% of credit card balances and 7.9% of auto loans transitioned into delinquency, the New York Fed report said. Delinquency transition rates for mortgages increased by 0.3 percentage point yet remain low by historic standards. The report shows total household debt increased by USD184 billion (1.1%) in the first quarter to USD17.69 trillion.

Keep reading...Show less