Household debt and delinquency rates increased in the first quarter, according to data from the New York Federal Reserve. Credit card balances in serious delinquency, or more than 90 days late, reached the highest level since 2012 while delinquency rates across all debt types rose. Overall household debt grew to over $17 trillion driven by rising mortgage balances, though credit card debt dipped post-holidays. Delinquency transition rates remain below Great Recession peaks but are higher than pre-pandemic levels.
Category
🗞
NewsTranscript
00:00 It's Benzinga and here's what's on the block.
00:02 Household debt and delinquency rates increased in the first quarter according to data from the New
00:07 York Federal Reserve. Credit card balances and serious delinquency are more than 90 days late
00:12 reached the highest level since 2012, while delinquency rates across all debt types rose.
00:17 Overall household debt grew to over $17 trillion, driven by rising mortgage balances,
00:22 though credit card debt dipped post-holidays. Delinquency transition rates remain below great
00:27 recession peaks but are higher than pre-pandemic levels. For all things money visit Benzinga.com
00:32 [BLANK_AUDIO]