Young borrowers struggling with debt – New York Fed
Delinquencies are rising fast and forbearance on student loans is set to end
The Federal Reserve Bank of New York warned young Americans are struggling to repay credit card debt and auto loans.
“Total debt balances grew by $394 billion in the fourth quarter of 2022, the largest nominal quarterly increase in 20 years,” said a group of New York Fed economists in a blogpost. Mortgage balances were the largest component, rising $254 billion. Credit card balances increased by $61 billion.
The NY Fed found the rise in credit was the largest in the history of the data, which
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