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Credit Card Balance Declines Are Largest Among Older, Wealthier Borrowers

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Abstract

Total household debt rose by $85 billion in the first quarter of 2021, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. Since the start of the pandemic, household debt balances have increased in every quarter but one—the second quarter of 2020, when lockdowns were in full effect. The Quarterly Report and this analysis are based on the New York Fed's Consumer Credit Panel, which is drawn from anonymized Equifax credit data.

Suggested Citation

  • Andrew F. Haughwout & Donghoon Lee & Joelle Scally & Wilbert Van der Klaauw, 2021. "Credit Card Balance Declines Are Largest Among Older, Wealthier Borrowers," Liberty Street Economics 20210512, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:91596
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    More about this item

    Keywords

    CCP; consumer credit panel; credit cards;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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