"Rising Delinquencies: Millennials and Auto Loans Under Financial Stress"
The Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit reveals a $212 billion increase in total household debt in the fourth quarter of 2023, with rising delinquencies in credit card and auto loan transitions, particularly among younger and lower-income households. Mortgage balances, home equity lines of credit, credit card balances, and auto loan balances all saw increases, while delinquency transition rates for credit cards and auto loans rose. The report provides insight into U.S. consumer credit conditions and aims to help various entities better understand and respond to trends in borrowing and indebtedness at the household level.
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