By ~ Calculated risk 2/13/2025 11:00:00 AM
New York Federal Reserve Bank of Missi Economic Data Center Branch report on household debt and credit. The report increased to $ 18.04 trillion, an increase of $ 93 billion (0.5%) in the fourth quarter of 2024. This report is based on data from the nation’s representative consumer credit panel of New York Fed. This includes a page summary of major takeouts and support data points.
The New York Fed also announced accompanying. Liberty Street Economics A blog post that investigates the delinquency rate of the automotive loan market.
“Mortgage delinquency is similar to the level of infectious diseases, but the conversion rate of automatic loan is still increasing.” Wilbert Van der klaauw said he was an economic research advisor to the Fed in New York. “The high car loan delinquency rate is extensive depending on the credit score and income level.”
The credit card balance increased $ 45 billion in the last quarter and reached $ 1.21 trillion at the end of December 2024. The loan balance increased by $ 11 billion and reached $ 1.66 trillion. The mortgage balance has increased $ 11 billion and is currently $ 12.61 trillion. The HELOC balance has increased $ 1.1 billion to $ 396 billion since the first quarter of 2022, while other balances, including retail cards and other consumer loans, have increased $ 8 billion. The student loan balance increased $ 9 billion and now reaches $ 1 trillion.
The speed of the mortgage origin has slightly increased at the speed observed in the fourth quarter, and there is a new mortgage that started in the fourth quarter. The total restriction on the credit card account is $ 98 billion, indicating that it is 1.3% more than the previous quarter. HELOC’s limitations continued to increase and $ 8 billion increased.
The total conclusion rate increased slightly from the last quarter, and 3.6%of the unprecedented debt increased in some stages of overdue. The delinquency conversion rate has been steadily maintained for almost all debt types, except for a credit card that has slightly increased to overdue. It was converted to a serious overdue defined for more than 90 days for loans, credit cards and HELOC balance, but for mortgage to be stable.
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The following is as follows: report:
The first graph shows that household debt has increased in the fourth quarter. Household debt reached its peak in 2008 and bottomed in the third quarter of 2013. Unlike the large recession, the debt did not decrease in the infection.
Ny fed:
In the fourth quarter of 2024, the total debt balance of $ 93 billion increased by $ 93 billion, up 0.5% at 2024Q3. The balance has now reached $ 18.04 trillion, and since the end of 2019, it has increased $ 3.9 trillion since the recession.
The second graph shows the ratio of overdue debt.
The overall delinquency rate increased in 4Q. Ny fed:
In the fourth quarter of 2024, the total conclusion rate increased slightly. As of December, 3.6 %of the unprecedented debt increased from 3.5 %in the third quarter at some stages of overdue. Conversion to the initial delinquency for almost all debt types; The exception was about the credit card balance, which slightly increased the proportion of the balance from now. It was converted to a serious overdue defined for more than 90 days for loans, credit cards and HELOC balance, but for mortgage to be stable.
The third graph shows a mortgage from the credit score.
Ny fed:
In the consumer credit report, it has slightly increased from 2024Q4 to $ 465 billion in 2024Q4, including the amount of mortgage origin measured by the emergence of a new mortgage. … The credit quality of the new loan has been mixed. Most of the credit scores of the newly derived car loans and mortgages were steady, but there were some deterioration in mortgage, but the number of new mortgages of the newly derived mortgage decreased to six points.
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