US Consumer Debt Delinquency Hits Highest in Almost Five Years
- 3.6% of debt was in delinquency in fourth quarter, NY Fed says
- Total US household debt rose 0.5% to a record $18 trillion
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The share of outstanding US consumer debt that’s in delinquency rose in the fourth quarter to the highest in almost five years, according to a Federal Reserve Bank of New York report.
Some 3.6% of debt was delinquent in the final three months of 2024, the most since the second quarter of 2020, the New York Fed said Thursday in its Quarterly Report on Household Debt and Credit. Total household debt — which is primarily composed of mortgages, student loans, auto loans and credit-card balances — rose 0.5% to a record $18 trillion.