FRB-NY Household Debt & Credit Report

Money & Credit: FRB-NY Household Debt &

Credit Report

Yardeni Research, Inc.

August 3, 2021

Dr. Edward Yardeni

516-972-7683 eyardeni@

Please visit our sites at blog.

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Table Of Contents Table Of Contents

Household Debt & Credit

1-8

August 3, 2021 / FRB-NY Household Debt & Credit Report

Yardeni Research, Inc.



Household Debt & Credit

Figure 1.

15

TOTAL HOUSEHOLD DEBT BALANCE 14 (trillion dollars, ratio scale)

13 12 11 10 9

8

7

6

5

Q2

15

14

13

12

11

10

9

8

7

6

5



4

4

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: New York Fed Credit Panel.

Figure 2.

75

75

COMPOSITION OF HOUSEHOLD DEBT: MORTGAGES

(as a percent of total debt balance)

74

74

73

73

72

72

71

71

70

70

Q2

69

69

68

68



67

67

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: New York Fed Credit Panel.

Page 1 / August 3, 2021 / FRB-NY Household Debt & Credit Report

Yardeni Research, Inc.



Household Debt & Credit

Figure 3.

14

COMPOSITION OF HOUSEHOLD DEBT: NON-MORTGAGE (as a percent of total debt balance)

12

Home Equity Revolving Credit (2.2)

Auto Loans (9.5)

Credit Card (5.3)

10

Student Loans (10.5)

Other (2.8)

8

14

12

10 Q2

8

6

6

4

4

2

2



0

0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: New York Fed Credit Panel.

Figure 4.

60

60

DEBT BALANCE PER CAPITA*

(thousand dollars)

50

50

40

40

Q1

30

30

Total (52.9)

Mortgages (36.7)

20

Home Equity Revolving Credit (1.2)

20

Auto Loans (5.0)

Credit Card (2.8)

10

Student Loans (5.7)

10

0

0



-10

-10

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Per-capita figures correspond with the population of individuals who have a credit report Source: New York Fed Credit Panel.

Page 2 / August 3, 2021 / FRB-NY Household Debt & Credit Report

Yardeni Research, Inc.



Household Debt & Credit

Figure 5.

550

NUMBER OF ACCOUNTS: CREDIT CARDS (million dollars)

500

550

Q2 500

450

450

400

400



350

350

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: New York Fed Credit Panel.

Figure 6.

120

120

NUMBER OF ACCOUNTS BY LOAN TYPE EXCLUDING CREDIT CARDS

(millions)

100

100

80

Q2

80

Mortgages (80.8)

Home Equity Revolving Credit (13.1)

60

Auto Loans (112.8)

60

Student Loans* (DISCONTINUED SERIES) (44.2)

40

40

20

20



0

0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Number of borrowers. Source: New York Fed Credit Panel.

Page 3 / August 3, 2021 / FRB-NY Household Debt & Credit Report

Yardeni Research, Inc.



Household Debt & Credit

Figure 7.

80

80

MORTGAGE ORIGINATIONS BY CREDIT SCORE*

(as a percent of total mortgage originations)

60

60

40

40

Credit Score

Q2

620 (1.6)

20

620-759 (27.1) 760 (71.3)

20



0

0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Credit score is Equifax Riskscore 3.0. Source: New York Fed Credit Panel.

Figure 8.

800

CREDIT SCORE AT ORIGINATION: MORTGAGES (millions)

800 Q2

700

700

600

600

Median (786.0) 10th Percentile (687.0) 25th Percentile (738.0)



500

500

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: New York Fed Credit Panel.

Page 4 / August 3, 2021 / FRB-NY Household Debt & Credit Report

Yardeni Research, Inc.



Household Debt & Credit

Figure 9.

70

AUTO LOAN ORIGINATIONS BY CREDIT SCORE

(as a percent of total auto loan originations)

Credit Score

60

620 (17.4)

620-759 (49.3)

760 (33.3)

50

40

70

60

Q2

50

40

30

30

20

20



10

10

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: New York Fed Credit Panel.

Figure 10.

750

CREDIT SCORE AT ORIGINATION: AUTO LOANS (millions)

700

750

Q2 700

650

650

600

600

550

550

Median (710.0)

10th Percentile (582.0)

25th Percentile (641.0)



500

500

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: New York Fed Credit Panel.

Page 5 / August 3, 2021 / FRB-NY Household Debt & Credit Report

Yardeni Research, Inc.



Household Debt & Credit

Figure 11.

4

CREDIT LIMIT & BALANCE FOR CREDIT CARDS (trillions)

3

4 Q2

3

2

2

Credit Card Limit (3.9)

Credit Card Balance (0.8)

1

1



0

0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: New York Fed Credit Panel.

Figure 12.

1.5

1.5

CREDIT LIMIT & BALANCE FOR HOME EQUITY REVOLVING

(trillions)

1.0

1.0

Q2

.5

.5

Home Equity Revolving Limit (0.8) Home Equity Revolving Balance (0.3)



.0

.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: New York Fed Credit Panel.

Page 6 / August 3, 2021 / FRB-NY Household Debt & Credit Report

Yardeni Research, Inc.



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