Credit Card Balance Declines Are Largest Among Older, Wealthier Borrowers
Abstract: 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.
JEL Classification: D14;
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Provider: Federal Reserve Bank of New York
Part of Series: Liberty Street Economics
Publication Date: 2021-05-12