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Credit card delinquency and Covid-19: Neighborhood trends in the Seventh District

Author

Listed:
  • Sharada Dharmasankar
  • Taz George
  • Robin G. Newberger
  • Mark O'Dell

Abstract

The Covid-19 pandemic has resulted in great economic and financial disruption. To better understand how financial hardships have varied across communities, we investigate credit card delinquencies across the states of the Federal Reserve’s Seventh District: Illinois, Indiana, Iowa, Michigan, and Wisconsin. While we find a slight increase of less than 1 percentage point in delinquency rates across the District overall following the onset of the pandemic, we find more pronounced increases of about 2 percentage points in low- and moderate-income (LMI) neighborhoods and about 3 percentage points in majority Black neighborhoods.

Suggested Citation

  • Sharada Dharmasankar & Taz George & Robin G. Newberger & Mark O'Dell, 2021. "Credit card delinquency and Covid-19: Neighborhood trends in the Seventh District," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue 454, pages 1-7, April.
    • Handle: RePEc:fip:fedhle:92070
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    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Regional Migration; Regional Labor Markets; Population

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