A ‘Morning with Maria’ panel provides their reactions to the December Jobs report, which expands the impact on the US economy.
According to a report by the Federal Reserve Bank of New York, the American’s domestic debt level, including credit card loans, reached a new level of new time in the fourth quarter of 2024.
The report showed that the total domestic loan rose $ 93 billion to $ 18.04 trillion at the end of 2024, which was an all -time high. Credit card balance In the end of December, an increase of $ 45 billion from the former quarter to reach $ 1.21 trillion, which is also a record high.
Delinquency rates stood over 0.1 percentage points from the pre -quarter, up to 3.6% of the outstanding loans in some stages, the delicancy transition rates are stable for almost all types of loans, except for the credit card – which is from the present There was a small optic in the infection. Criminal. Severe crime, defined due to 90 or more days, moved up higher to auto loan, credit cards and Haloc balances, but was stable for hostage.
New York Fed It has been said that when the report shows that Americans are generally working well in terms of management of their domestic debt, there are indications that rising prices and high interest rates create issues for some auto lending borrowers Are doing
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In the last quarter of 2024, the domestic debt of Americans reached a new record. (Spencer Plot / Getty Image / Getty Images)
“Overall, consumers are very good in terms of good size Domestic credit Landscape, inspired by solid performance in large -scale steady balances and hostage loans, “New York Fed’s economic researchers wrote in a post with the report.
“However, for auto loanThe high car prices combined with high interest rates have extended the monthly payment upwards and pressurized consumers during income and credit score spectrum, “they have written.” Rapidly rising car prices episodes have had an asymmetrical effect on borrowers, who have moved. Used and new cars as well as between loans and leases. ,
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Americans’ credit card loan reached an all -time high at the end of 2024. (Istock / istock)
The fall in the prices of the car used may stress some borrowers, who bought a used car when prices were high, potentially left them under water on those loans, said New York Fed.
Researchers wrote, “These changes have put additional pressure on low income and lower-credit-score borrowers, who had to opt for high-value cars over the years.”
US Credit Card climbs up to the highest level in 14 years
At the end of 2024, severe crimes for hostage decreased. (Photographer: David Paul Morris / Bloomberg via Getty Image / Getty Image)
He said, “The prices of the car used have declined from the peak, potentially some borrowers are leaving under water on those vehicles and create potential repayment challenges,” he said. “At the same time, the fall in auto prices may mean that the recent journey of auto loan can be better as the age of those loans.”
Number of consumers who have A Insolvency marking His credit records were added, according to bank data in the fourth quarter, a decline from the third quarter.
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New York Fed said that consumers with a third-party collection were “relatively stable” noted on their credit records in the fourth quarter.
