Search Results

SORT BY: PREVIOUS / NEXT
Author:Brown, Meta 

Report
The impact of housing markets on consumer debt: credit report evidence from 1999 to 2012

We investigate the impact of large swings in the housing market on nonmortgage borrowing, including student, credit card, auto, and home equity debts. For this purpose, we use CoreLogic geographic house price variation, matched with rich data on consumer liabilities from the Equifax-sourced FRBNY Consumer Credit Panel. The length and timing of our panel allow us to study the consumer debt portfolio response to house price changes during a boom-and-bust cycle of historic magnitude as well as during more ordinary times. In first-differenced instrumental variables estimation, we find that during ...
Staff Reports , Paper 617

Journal Article
The financial crisis at the kitchen table: trends in household debt and credit

Since the onset of the financial crisis, households have reduced their outstanding debt by about $1.3 trillion. While part of this reduction stemmed from a historic increase in consumer defaults and lender charge-offs, particularly on mortgage debt, other factors were also at play. An analysis of the New York Fed?s Consumer Credit Panel?a rich new data set on individual credit accounts?reveals that households actively reduced their obligations during this period by paying down their current debts and reducing new borrowing. These household choices, along with banks? stricter lending ...
Current Issues in Economics and Finance , Volume 19 , Issue April

Discussion Paper
Household Formation within the “Boomerang Generation”

Young Americans? living arrangements have changed strikingly over the past fifteen years, with recent cohorts entering the housing market at much lower rates and lingering much longer in their parents? households. The New York Times Magazine reported this past summer on the surge in college-educated young people who ?boomerang? back to living with their parents after graduation. Joining that trend are the many other members of this cohort who have never left home, whether or not they attend college. Why might young people increasingly reside with their parents? They may be unable to find ...
Liberty Street Economics , Paper 20150204

Discussion Paper
The Graying of American Debt

The U.S. population is aging and so are its debts. In this post, we use the New York Fed Consumer Credit Panel, which is based on Equifax credit data, to look at how debt is changing as baby boomers reach retirement age and millennials find their footing. We find that aggregate debt balances held by younger borrowers have declined modestly from 2003 to 2015, with a debt portfolio reallocation away from credit card, auto, and mortgage debt, toward student debt. Debt held by borrowers between the ages of 50 and 80, however, increased by roughly 60 percent over the same time period. This ...
Liberty Street Economics , Paper 20160224

Discussion Paper
How Much Student Debt is Out There?

As is widely known, student loan debt has expanded significantly over the past decade or so and stands at historically high levels. But how much in total do students owe?
FEDS Notes , Paper 2015-08-07

Report
Personal Bankruptcy Protection and Household Debt

Increasing personal bankruptcy protection raises consumers’ desire to borrow and lenders’ cost of extending credit; the impact on equilibrium borrowing is ambiguous. Using bankruptcy protection changes between 1999 and 2005 across U.S. states, we find that borrowers respond to greater protection by increasing their unsecured debt. Border county estimates suggest that local economic conditions do not drive these results. Borrowers pay more for protection through higher interest rates, yet delinquency is unaffected. Remarkably, our results indicate that rising borrower demand outstripped ...
Staff Reports , Paper 1099

Discussion Paper
Payback Time? Measuring Progress on Student Debt Repayment

Student debt continues to make headlines because of its high balances and high rates of delinquency and default?troubling issues that we discussed in our previous posts this week. A less prominent, but still important, issue is the pace at which former students are?or are not?paying off their debts. This issue is important to borrowers because the longer they take to repay their debts, the more interest they accrue, the longer they have to worry about making payments, and the longer they have to deal with the consequences of unpaid debts. It?s also important to the macroeconomy because longer ...
Liberty Street Economics , Paper 20150220

Discussion Paper
Grading Student Loans

Student loans support the education of millions of students nationwide, yet much is unknown about the student loan market. Relevant data are limited and, for the most part, anecdotal. Also, sources tend to focus on recent college graduates and do not reveal much information about the indebtedness of parents, graduate students, and those who drop out of school.
Liberty Street Economics , Paper 20120305

Essay
Older Americans Faced Early Pandemic Credit Constraints

Older Americans saw debt fall early in the pandemic, but also their existing credit curtailed and new credit denied at greater rates than younger consumers.
Economic Equity Insights

FILTER BY year

FILTER BY Content Type

Discussion Paper 13 items

Report 10 items

Journal Article 3 items

Essay 1 items

FILTER BY Jel Classification

D1 10 items

D14 8 items

D12 3 items

D31 2 items

E24 2 items

G20 2 items

show more (17)

FILTER BY Keywords

PREVIOUS / NEXT