March 17, 2015

Credit Usage and Delinquency Data for Late 2014

According to a new report from the New York Federal Reserve, overall consumer credit balances increased by 1% in the 4th quarter of 2014.  The report, based on a representative sample of credit data, found an increase in all types of credit during the quarter, except for home equity lines of credit (HELOC).

The report also examines delinquency rates.
  • “The delinquency rates for mortgages, HELOCs, auto loans, and credit cards peaked noticeably in the years following the recession, and have since fallen.”
  • For mortgages, 3.1% are at least 90 days delinquent, which is well above the 1% to 1.5% rate before the recession.
  • Credit card delinquency rates continue to improve and are near the lowest rates since data collection began in 1999.
  • Student loans that are at least 90 days delinquent continue to increase.
Click here to read more.