From the NY Fed: Total Household Debt Increases in Q1 2022, Driven by Mortgage and Auto Balances
The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its
Click on graph for larger image.
Here are three graphs from the report:
The first graph shows aggregate consumer debt increased in Q1. Household debt previously peaked in 2008 and bottomed in Q3 2013. Unlike following the great recession, there wasn't a huge decline in debt during the pandemic.
From the NY Fed:
Aggregate household debt balances increased by $266 billion in the first quarter of 2022, a 1.7% rise from 2021Q4. Balances now stand at $15.84 trillion, $1.7 trillion higher than at the end of 2019, just before the Covid pandemic.
The second graph shows the percent of debt in delinquency.
The overall delinquency rate was unchanged in Q1. From the NY Fed:
Aggregate delinquency rates were unchanged in the first quarter of 2022 and remain very low, after declining sharply through the beginning of the pandemic. Delinquency rates have been low in part due to forbearances (provided by both the CARES Act and voluntarily offered by lenders), which protect borrowers’ credit records from the reporting of skipped or deferred payments. Although these forbearances have ended for most types of debts, the pause on student loan payments remains in place. As of late March, 2.7% of outstanding debt was in some stage of delinquency, a 2.0 percentage point decrease from the fourth quarter of 2019, just before the COVID-19 pandemic hit the United States.
There is much more in the report.