New Yorkers Have a Growing Debt Problem as Real Incomes Slide
- City’s inflation rate is rising, bucking nationwide slowdown
- Real incomes have decllined and delinquencies are on the rise
The local inflation rate, which was well below the national one for most of the Covid period, has climbed a full percentage point since the start of this year.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
New Yorkers are having trouble keeping up with debt payments as their incomes get squeezed by one of the country’s highest inflation rates, according to a new study.
Consumer debt in the biggest US city has been growing faster than household earnings, and the cost of servicing that debt is increasingly weighing on residents, according to research published this week by the Office of the New York City Comptroller and the Federal Reserve Bank of New York. The study was based on anonymized credit reports from Equifax.