š¦ Latest quarterly Fed report:
US household debt up $333 billion in Q4 ā21.
The total debt reached $15.58 trillion.
Over $1 trillion increase or +7% in 2021.
š” Mortgage
Increase $258 billion Q/Q, +8.8% Y/Y.
New mortgages driven by rising home prices,
Which was up 17% Y/Y in 2021.
š Auto loan
Increase $15 billion Q/Q, +6.1% Y/Y.
New origination shows a higher loan amount,
A result of high car prices with the supply chain issue.
š³ Credit card
Increase $52 billion Q/Q, +4.5% Y/Y.
The balance slowly climbed back up in ā21,
between rebounded spending and high savings.
š©āš Student loan
Down $8 billion Q/Q, +1.3% Y/Y
With a strong labor market and high tuition,
US college enrollments are down nearly 1 million or -5.1% vs. 2019.
The underwriting is still pretty robust, for example,
67% of new mortgage originations from credit scores 760+.
For all the major credit products,
The late-stage delinquency and charge-off rates remained low,
Although they are expected to slowly normalize.
Here is the original report: The original press release from New York Fed
*Consumer credit book, courses, newsletter: www.franktian.net
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