Auto Delinquency Rate Increases

By Staff Writer May 19, 2023 237

The share of current debt becoming delinquent increased for most debt types, according to the recent Quarterly Report on Household Debt and Credit released by the Federal Reserve Bank of New York.

The delinquency transition rate for credit cards and auto loans increased by 0.6 and 0.2 percentage points, respectively approaching or surpassing their pre-pandemic levels.

The report shows an increase in total household debt in the first quarter of 2023, increasing by $148 billion (0.9%) to $17.05 trillion. Balances now stand $2.9 trillion higher than at the end of 2019, before the pandemic recession. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.

Rate this item
(0 votes)
Last modified on Wednesday, 24 May 2023 10:05