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Household Borrowing in Historical Perspective

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Abstract

Today, the New York Fed’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit for the first quarter of 2017. The report shows a rise in household debt balances in the quarter of $149 billion, the eleventh consecutive quarterly increase since the long period of deleveraging following the Great Recession. As of March 31, 2017, household debt balances stood at $12.73 trillion, surpassing the previous 2008 peak and hitting a level 14 percent above the trough seen in the second quarter of 2013. With this report’s release, we’re adding two new charts which show both early and severe delinquency trends by loan product type. The report and the analyses presented here are based on the New York Fed’s Consumer Credit Panel (CCP), which is sourced from Equifax credit report data.

Suggested Citation

  • Andrew F. Haughwout & Donghoon Lee & Joelle Scally & Wilbert Van der Klaauw, 2017. "Household Borrowing in Historical Perspective," Liberty Street Economics 20170517, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87194
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    Keywords

    consumer credit panel; household finances;

    JEL classification:

    • D1 - Microeconomics - - Household Behavior

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