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According to a report from the Federal Reserve Bank (the Fed) of New York, the proportion of loans with overdue payments in January-March reached 4.3%, the highest level since 2020. The figure was 3.6 percent three months prior.
Reports of missed payments on federal education loans have resumed following a moratorium established during the coronavirus pandemic. During the first quarter, roughly 8% of student loans were classified as 'seriously delinquent,' indicating that payments were 90 days or more overdue.
Without considering student loans, the proportion of overdue loans stayed largely consistent with the prior quarter.
The overall debt of U.S. households, comprising mortgages, student loans, auto loans, and credit cards, rose by $167 billion in the first quarter, hitting a historic $18.2 trillion
source: bloomberg.com
Reports of missed payments on federal education loans have resumed following a moratorium established during the coronavirus pandemic. During the first quarter, roughly 8% of student loans were classified as 'seriously delinquent,' indicating that payments were 90 days or more overdue.
Without considering student loans, the proportion of overdue loans stayed largely consistent with the prior quarter.
The overall debt of U.S. households, comprising mortgages, student loans, auto loans, and credit cards, rose by $167 billion in the first quarter, hitting a historic $18.2 trillion
source: bloomberg.com
