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Credit Card, Auto Loan Delinquency Rates Rise in NY Fed Report.
In: Bloomberg.com, 2024-02-06, S. N.PAG
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Zugriff:
According to a report from the Federal Reserve Bank of New York, American households have taken on more debt, and delinquency rates for credit cards and auto loans have increased. While overall delinquency rates in the US remain below pre-pandemic levels, credit card delinquency rates reached 8.5% and auto loan delinquency rates reached 7.7% in the fourth quarter of last year. This rise in delinquencies suggests increased financial stress, particularly among younger and lower-income households. Household balance sheets have been worsening in recent years, with Americans relying on savings and higher credit card balances to support spending. The report also highlights that consumers aged 30 to 39 are struggling with credit card debt, possibly due to student loans. However, missed student loan payments will not be reported to credit bureaus until later this year due to a leniency program from President Joe Biden's administration. The report also mentions that the average collection amount for debt is on the rise, and the share of credit card balances that were at least 90 days delinquent reached nearly 10% at the end of 2023. Additionally, the report notes that auto loan amounts have been increasing, leading to higher monthly payments and more consumer distress. Overall, US household debt balances increased to $17.5 trillion in the fourth quarter of 2023, with mortgage debt and credit card debt being the main contributors. The report is based on a nationally representative sample drawn from anonym [Extracted from the article]
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Credit Card, Auto Loan Delinquency Rates Rise in NY Fed Report.
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Autor/in / Beteiligte Person: | Tanzi, Alex ; Ballentine, Claire |
Zeitschrift: | Bloomberg.com, 2024-02-06, S. N.PAG |
Veröffentlichung: | 2024 |
Medientyp: | serialPeriodical |
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