More Americans are falling even further behind on their home and car loans than at any time in the past decade, new data from the Federal Reserve Bank of New York showed Tuesday.
A greater share of people went at least 30 days late on their mortgage payments in the second quarter of this year than in any quarter since 2015, according to the New York Fed’s latest Quarterly Report on Household Debt and Credit. More also went into serious delinquency – or 90 days late or more – on their car payments during the same time period than at any quarter since 2010.
However, the latest data underscored how this is not a one-size-fits-all economy: Most people, by and large, are not letting their debt get too unwieldy.
New York Fed researchers noted that overall delinquency rates are elevated from where they were pre-pandemic, but that they’re holding fairly stable and not deteriorating to where they were during the Great Financial Crisis or its immediate aftermath.
Tuesday’s report is the latest piece in a trove of data that highlights the mixed experiences that people are facing in the American economy.
