Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw
Total household debt rose by $85 billion in the first quarter of 2021, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. Since the start of the pandemic, household debt balances have increased in every quarter but one—the second quarter of 2020, when lockdowns were in full effect. The Quarterly Report and this analysis are based on the New York Fed’s Consumer Credit Panel, which is drawn from anonymized Equifax credit data.
The growth of the overall debt balance masks some unusual dynamics in each of the individual debt types. Mortgage balances have grown steadily through the past year, boosted by record-high levels of mortgageRead More »