Delinquency Is Increasingly in the Cards for Maxed‑Out Borrowers

Posted: 14 May 2024

See all articles by Andrew Haughwout

Andrew Haughwout

Federal Reserve Bank of New York

Donghoon Lee

Federal Reserve Bank of New York; New York University

Daniel Mangrum

Federal Reserve Banks - Federal Reserve Bank of New York

Joelle Scally

Federal Reserve Bank of New York

Wilbert van der Klaauw

Federal Reserve Bank of New York; IZA

Crystal Wang

Federal Reserve Banks - Federal Reserve Bank of New York

Date Written: May 14, 2024

Abstract

This morning, the New York Fed’s Center for Microeconomic Data released the Quarterly Report on Household Debt and Credit for the first quarter of 2024. Household debt balances grew by $184 billion over the previous quarter, slightly less than the moderate growth seen in the fourth quarter of 2023. Housing debt balances grew by $206 billion. Auto loans saw a $9 billion increase, continuing their steady growth since the second quarter of 2020, while balances on other non-housing debts fell. Credit card balances fell by $14 billion, which is typical for the first quarter. However, an increasing number of borrowers are behind on credit card payments. In this post, we explore the relationship between credit card delinquency and changes in credit card “utilization rates.”

To view post: https://libertystreeteconomics.newyorkfed.org

Keywords: Consumer Credit Panel (CCP), household finance

JEL Classification: D12

Suggested Citation

Haughwout, Andrew F. and Lee, Donghoon and Mangrum, Daniel and Scally, Joelle and van der Klaauw, H. Wilbert and Wang, Crystal, Delinquency Is Increasingly in the Cards for Maxed‑Out Borrowers (May 14, 2024). Liberty Street Economics , Available at SSRN: https://ssrn.com/abstract=4827909

Andrew F. Haughwout

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States
212-720-2685 (Phone)
212-720-1844 (Fax)

Donghoon Lee

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States
212-720-8699 (Phone)
212-720-1844 (Fax)

New York University

NY
United States

Daniel Mangrum

Federal Reserve Banks - Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

Joelle Scally (Contact Author)

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

H. Wilbert Van der Klaauw

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States
212-720-5916 (Phone)
212-720-1844 (Fax)

IZA ( email )

Crystal Wang

Federal Reserve Banks - Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

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