2025美國(guó)紐約聯(lián)儲(chǔ)的報(bào)告-美聯(lián)儲(chǔ)-46正式版

CENTERFORMICROECONOMICDATA

WWW.NEWYORKFED.ORG/MICROECONOMICS

QUARTERLYREPORTONHOUSEHOLD

DEBTANDCREDIT

2024:Q4(RELEASEDFEBRUARY2025)

FEDERALRESERVEBANKofNEWYORK

RESEARCHANDSTATISTICSGROUP

ANALYSISBASEDONNEWYORKFEDCONSUMERCREDITPANEL/EQUIFAXDATA

HouseholdDebtandCreditDevelopmentsin2024Q41

Aggregatenominalhouseholddebtbalancesincreasedby$93billioninthefourthquarterof2024,a0.5%risefrom2024Q3.

Balancesnowstandat$18.04trillionandhaveincreasedby$3.9trillionsincetheendof2019,justbeforethepandemicrecession.

Balances

Mortgagebalancesshownonconsumercreditreportsgrewby$11billion2duringthefourthquarterof2024andtotaled

$12.61trillionattheendofDecember.Balancesonhomeequitylinesofcredit(HELOC)roseby$9billion,theeleventhconsecutive

quarterlyincreaseafter2022Q1,andthereisnow$396billioninaggregateoutstandingbalances,$79billionabovetheserieslow

reachedinthefirstquarterof2022.Creditcardbalances,whichnowtotal$1.21trillionoutstanding,grewby$45billionduringthe

fourthquarterandare7.3%abovethelevelayearago.Autoloanbalancesroseby$11billion,andnowstandat$1.66trillion.Other

balances,whichincluderetailcardsandotherconsumerloans,grewby$8billion.Studentloanbalancesgrewby$9billion,andnow

standat$1.62trillion.Intotal,non-housingbalancesgrewby$73billion,a1.5%risefrom2024Q3.

Originations

Thevolumeofmortgageoriginations,measuredasappearancesofnewmortgagesonconsumercreditreportsandincluding

bothrefinanceandpurchaseoriginations,increasedslightlywith$465billionnewlyoriginatedin2024Q4.Aggregatelimitsoncredit

cardsincreasedmoderately,by$98billion(2.0%)inthefourthquarter.Homeequitylinesofcredit(HELOC)limitscontinuedtorise

andsawan$8billionincrease.

Creditqualityofnewlyoriginatedloanswasmixed.Thecreditscoresofnewlyoriginatedautoloansandmortgageswere

mostlysteady,althoughtherewassomedeteriorationinmortgages,asthetenthpercentilescoreofnewlyoriginatedmortgageloans

declinedbysixpoints.

Delinquency&PublicRecords

Aggregatedelinquencyratesincreasedslightlyinthefourthquarterof2024.AsofDecember,3.6percentofoutstandingdebt

wasinsomestageofdelinquency,upfrom3.5percentinthethirdquarter.Transitionintoearlydelinquencyheldsteadyfornearlyall

debttypes;theexceptionwasforcreditcardbalances,whichsawasmalluptickintherateatwhichbalanceswentfromcurrentto

delinquent.Transitionintoseriousdelinquency,definedas90ormoredayspastdue,edgedupforautoloans,creditcards,and

HELOCbalancesbutremainedstableformortgages.

About123,000consumershadabankruptcynotationaddedtotheircreditreportsin2024Q4,asmalldeclinefromthe

previousquarter.Thepercentageofconsumerswithathird-partycollectionaccountontheircreditreportremainedrelativelystableat

4.6percent.

HousingDebt

?Therewas$465billioninnewlyoriginatedmortgagedebtin2024Q4.

?About41,000individualshadnewforeclosurenotationsontheircreditreports,essentiallyunchangedfromthepreviousquarter

StudentLoans

?Outstandingstudentloandebtincreasedslightlyandstoodat$1.62trillionin2024Q4.

?Missedfederalstudentloanpaymentswerenotreportedtocreditbureausbetween2020Q2and2024Q3.Consequently,lessthan

1%ofaggregatestudentdebtwasreported90+daysdelinquentorindefaultin2024Q4.Missedfederalstudentloanpayments

willlikelybeginappearingonreportsbeginningin2025Q1.

1ThisreportisbasedontheNewYorkFedConsumerCreditPanel,ananonymized,nationallyrepresentativesampledrawnfromEquifaxcreditreportdata.Formore

details,seethedatadictionaryattheendofthisreport.ContactJoelleScallywithquestionsatjoelle.scally@.

2Thelessthanusualincreaseinmortgagebalanceswasduetoahigherthanusualmortgageservicertransferswithagapinreporting.

February2025

FEDERALRESERVEBANKOFNEWYORK

RESEARCHANDSTATISTICS●HOUSEHOLDANDPUBLICPOLICY

TableofContentsNATIONALCHARTS

TotalDebtBalanceanditsComposition3

NumberofAccountsbyLoanType4

TotalNumberofNewandClosedAccountsandInquiries5

MortgageOriginationsbyCreditScore6

CreditScoreatOrigination:Mortgages7

AutoLoanOriginationsbyCreditScore8

CreditScoreatOrigination:AutoLoans9

CreditLimitandBalanceforCreditCardsandHERevolving10

TotalBalancebyDelinquencyStatus11

PercentofBalance90+DaysDelinquentbyLoanType12

FlowintoEarlyDelinquency(30+)byLoanType13

FlowintoSeriousDelinquency(90+)byLoanType14

QuarterlyTransitionRatesforCurrentMortgageAccounts15

QuarterlyTransitionRatesfor30-60DayLateMortgageAccounts16

NumberofConsumerswithNewForeclosuresandBankruptcies17

ThirdPartyCollections18

SELECTCHARTSBYAGE

TotalDebtBalanceByAge20

DebtSharebyProductTypeandAge(2024Q4)21

AutoLoanOriginationsbyAge22

MortgageOriginationsbyAge23

QuarterlyTransitionintoSeriousDelinquency(90+)byAge24

QuarterlyTransitionintoSeriousDelinquency(90+)forMortgagesbyAge25

QuarterlyTransitionintoSeriousDelinquency(90+)forAutoLoansbyAge26

QuarterlyTransitionintoSeriousDelinquency(90+)forCreditCardsbyAge27

QuarterlyTransitionintoSeriousDelinquency(90+)forStudentLoansbyAge28

NewForeclosuresbyAge29

NewBankruptciesbyAge30

CHARTSBYSELECTSTATE

TotalDebtBalancePerCapitabyState32

CompositionofDebtBalanceperCapita*byState(2024Q4)33

DelinquencyStatusofDebtBalanceperCapita*byState(2024Q4)34

PercentofBalance90+DaysLatebyState35

PercentofMortgageDebt90+DaysLatebyState36

QuarterlyTransitionRatesinto30+DaysLatebyState37

QuarterlyTransitionRatesinto90+DaysLatebyState38

PercentofConsumerswithNewForeclosuresbyState39

PercentofConsumerswithNewBankruptciesbyState40

PageLeftBlankIntentionally

1

NATIONALCHARTS

2

TotalDebtBalanceanditsComposition

TrillionsofDollars

18

MortgageHERevolvingAutoLoanCreditCardStudentLoanOther

2024Q4Total:$18.04Trillion

2024Q3Total:$17.94Trillion

(3%)

(9%)

(6%)

15

(9%)

(2%)12

9

(70%)

6

3

0

Source:NewYorkFedConsumerCreditPanel/Equifax

3

NumberofAccountsbyLoanType

MillionsMillions

250

600

200

CreditCard

(RightAxis)

500

400

150

AutoLoan

(LeftAxis)

300

100

50

Mortgage

(LeftAxis)

200

HERevolving

(LeftAxis)

100

00

Source:NewYorkFedConsumerCreditPanel/Equifax

4

TotalNumberofNewandClosedAccountsand

Inquiries

MillionsMillions

400400

350350

300300

NumberofAccountsClosedwithin12Months

250250

200200

150150

100

50

NumberofInquirieswithin6Months

NumberofAccountsOpenedwithin12Months

100

50

00

Source:NewYorkFedConsumerCreditPanel/Equifax

5

MortgageOriginationsbyCreditScore*

BillionsofDollarsBillionsofDollars

1,4001,400

<620620-659660-719720-759760+

1,2001,200

1,0001,000

800800

600600

400400

200200

00

Source:NewYorkFedConsumerCreditPanel/Equifax

*CreditScoreisEquifaxRiskscore3.0

6

CreditScoreatOrigination:Mortgages*

ScoreScore

800800

50thpercentile

750750

25thpercentile

700700

10thpercentile

650650

600600

550550

500500

Source:NewYorkFedConsumerCreditPanel/Equifax

*CreditScoreisEquifaxRiskscore3.0;mortgagesincludefirst-liensonly.

7

AutoLoanOriginationsbyCreditScore*

BillionsofDollarsBillionsofDollars

<620620-659660-719720-759760+

200200

160160

120120

8080

4040

00

Source:NewYorkFedConsumerCreditPanel/Equifax

*CreditScoreisEquifaxRiskscore3.0

8

Score

800

CreditScoreatOrigination:AutoLoans*

Score

750

50thpercentile

700

25thpercentile

650

600

10thpercentile

550

500

Source:NewYorkFedConsumerCreditPanel/Equifax

*CreditScoreisEquifaxRiskscore3.0

9

CreditLimitandBalanceforCreditCardsandHE

Revolving

TrillionsofDollarsTrillionsofDollars

HELOCBalanceCCBalanceCCLimitHELOCLimit

55

44

33

22

11

00

Source:NewYorkFedConsumerCreditPanel/Equifax

10

TotalBalancebyDelinquencyStatus

Percent

14

SeverelyDerogatory120+dayslate90dayslate60dayslate30dayslate

Percent

14

Zero

1212

1010

88

66

44

22

00

Source:NewYorkFedConsumerCreditPanel/Equifax

11

PercentofBalance90+DaysDelinquent

byLoanType

PercentPercent

1515

Credit

Card

StudentLoan

1010

AutoLoanMortgage

55

HERevolving

00

Source:NewYorkFedConsumerCreditPanel/Equifax

12

TransitionintoDelinquency(30+)byLoanType

PercentofBalance

16

PercentofBalance

16

1414

1212

StudentLoan

1010

8AutoLoan8

66

CreditCard

44

Mortgage

HERevolving

22

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:4QuarterMovingSum

Studentloandataarenotreportedpriorto2004duetounevenreporting

13

TransitionintoSeriousDelinquency(90+)

PercentofBalance

12

byLoanType

PercentofBalance

12

1010

StudentLoan

88

66

CreditCard

Mortgage

44

AutoLoan

22

HERevolving

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:4QuarterMovingSum

Studentloandataarenotreportedpriorto2004duetounevenreporting

14

QuarterlyTransitionRatesforCurrentMortgage

Accounts

PercentPercent3.53.5

3.03.0

2.52.5

To30-60dayslate

2.02.0

1.51.5

1.01.0

To90+dayslate

0.50.5

0.00.0

Source:NewYorkFedConsumerCreditPanel/Equifax

15

QuarterlyTransitionRatesfor30-60DayLate

MortgageAccounts

PercentPercent

7070

6060

5050

To90+dayslate

4040

3030

2020

ToCurrent

1010

00

Source:NewYorkFedConsumerCreditPanel/Equifax

16

NumberofConsumerswithNewForeclosures

andBankruptcies

Thousands

Thousands

1,2001,200

ForeclosuresBankruptcies

900900

600600

300300

00

Source:NewYorkFedConsumerCreditPanel/Equifax

17

ThirdPartyCollections

PercentDollars

1,800

16

14

Percentofconsumers

withcollection

(LeftAxis)

1,700

1,600

1,500

12

1,400

1,300

10

8

Averagecollectionamount

perpersonwithcollection

(RightAxis)

1,200

1,100

1,0006

900

4800

Source:NewYorkFedConsumerCreditPanel/Equifax

18

SELECTCHARTSBYAGE

19

TotalDebtBalancebyAge

TrillionsofDollarsTrillionsofDollars

1818-2930-3940-4950-5960-6970+

18

1515

1212

99

66

33

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:Ageisdefinedasthecurrentyearminusthebirthyearofthe

borrower.Agegroupsarere-definedeachyear.Balancesmaynotaddup

tototalsduetoasmallnumberofindividualswithunknownbirthyears.

20

DebtSharebyProductTypeandAge(2024Q4)

AutoLoansCreditCardMortgageHELOCStudentLoansOther

100%

80%

60%

40%

20%

0%

18-2930-3940-4950-5960-6970+

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:Ageisdefinedasthecurrentyearminusthebirthyearofthe

borrower.Agegroupsarere-definedeachyear.Balancesmaynotaddup

tototalsduetoasmallnumberofindividualswithunknownbirthyears.

21

AutoLoanOriginationsbyAge

BillionsofDollarsBillionsofDollars

250250

18-2930-3940-4950-5960-6970+

200200

150150

100100

5050

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:Ageisdefinedasthecurrentyearminusthebirthyearofthe

borrower.Agegroupsarere-definedeachyear.Balancesmaynotaddup

tototalsduetoasmallnumberofindividualswithunknownbirthyears.

22

MortgageOriginationsbyAge

BillionsofDollarsBillionsofDollars

1,4001,400

18-2930-3940-4950-5960-6970+

1,2001,200

1,0001,000

800800

600600

400400

200200

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:Ageisdefinedasthecurrentyearminusthebirthyearofthe

borrower.Agegroupsarere-definedeachyear.Balancesmaynotaddup

tototalsduetoasmallnumberofindividualswithunknownbirthyears.

23

TransitionintoSeriousDelinquency(90+)

PercentofBalance

10

byAge

PercentofBalance

10

930-399

88

77

50-5940-49

66

70+

55

18-29

44

33

60-69

22

11

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:4QuarterMovingSum.

Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.

Agegroupsarere-definedeachyear.

24

TransitionintoSeriousDelinquency(90+)for

PercentofBalance

12

MortgagesbyAge

PercentofBalance

12

1018-2910

30-39

40-49

88

66

60-69

44

70+

22

50-59

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:4QuarterMovingSum.

Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.

Agegroupsarere-definedeachyear.

25

TransitionintoSeriousDelinquency(90+)for

PercentofBalance

6

AutoLoansbyAge

PercentofBalance

6

518-295

30-39

44

33

50-59

40-49

22

60-69

11

70+

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:4QuarterMovingSum.

Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.

Agegroupsarere-definedeachyear.

26

TransitionintoSeriousDelinquency(90+)for

PercentofBalance

15

CreditCardsbyAge

PercentofBalance

15

1212

18-29

50-59

99

30-39

70+

66

60-69

40-49

33

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:4QuarterMovingSum.

Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.

Agegroupsarere-definedeachyear.

27

TransitionintoSeriousDelinquency(90+)for

PercentofBalance

15

CreditCardsbyAge

PercentofBalance

15

1212

18-29

50-59

99

30-39

70+

66

60-69

40-49

33

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:4QuarterMovingSum.

Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.

Agegroupsarere-definedeachyear.

28

NewForeclosuresByAge

ThousandsThousands

600600

18-2930-3940-4950-5960-6970+

500500

400400

300300

200200

100100

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:4QuarterMovingSum.

Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.

Agegroupsarere-definedeachyear.Balancesmaynotadduptototals

duetoasmallnumberofindividualswithunknownbirthyears.

29

NewBankruptciesByAge

ThousandsThousands

1,0001,000

18-2930-3940-4950-5960-6970+

800800

600600

400400

200200

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:4QuarterMovingSum.

Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.

Agegroupsarere-definedeachyear.Balancesmaynotadduptototals

duetoasmallnumberofindividualswithunknownbirthyears.

30

CHARTSBYSELECTSTATE

31

TotalDebtBalanceperCapita*byState

ThousandsofDollars

ThousandsofDollars

100

80

NationalAverageFL

ILMI

NJNV

TXCA

OHNY

PAAZ

100

80

NV

CA

AZ

6060

NJ

NY

MI

4040

TX

PA

2020

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:*Basedonthepopulationwithacreditreport

32

CompositionofDebtBalanceperCapita*

byState(2024Q4)

ThousandsofDollarsThousandsofDollars

100

MortgageHERevolvingAutoLoanCreditCardStudentLoanOther

80

60

40

20

0

AZCAFLILMINJNVNYOHPATXUS

Source:NewYorkFedConsumerCreditPanel/EquifaxNote:*Basedonthepopulationwithacreditreport

33

DelinquencyStatusofDebtBalanceperCapita*

byState(2024Q4)

ThousandsofDollarsThousandsofDollars

100100

Current30-daylate60-daylate90-daylate120-daylateSeverelyDerogatory

8080

6060

4040

2020

00

AZCAFLILMINJNVNYOHPATXUS

Source:NewYorkFedConsumerCreditPanel/EquifaxNote:*Basedonthepopulationwithacreditreport

34

PercentofBalance90+DaysLatebyState

PercentPercent

2424

NationalAverageFL

21

ILMI

NJNV

21

18

NV

TXCA

OHNY

PAAZ

18

1515

FL

1212

CA

NY

99

66

TX

PA

33

00

Source:NewYorkFedConsumerCreditPanel/Equifax

35

PercentofMortgageDebt90+DaysLatebyState

PercentPercent

2727

NationalAverageFL

24

ILMI

NJNV

24

NV

TXCA

OHNY

21

21

FL

PAAZ

1818

1515

AZ

1212

CA

99

66

NY

33

PA

00

Source:NewYorkFedConsumerCreditPanel/Equifax

36

QuarterlyTransitionRatesinto30+DaysLateby

PercentofBalance

30

25

20

AZ

State*

NV

PercentofBalance

30

25

NationalAverageFL

ILMI

NJNV

TXCA

OHNY

PAAZ

20

1515

CA

1010

FLPA

55

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:*FourQuarterMovingSum,RatesfromCurrentto

30+DaysDelinquent,AllAccounts.RevisedMay2017.

37

QuarterlyTransitionRatesinto30+DaysLateby

PercentofBalance

30

25

20

AZ

State*

NV

PercentofBalance

30

25

NationalAverageFL

ILMI

NJNV

TXCA

OHNY

PAAZ

20

1515

CA

1010

FLPA

55

00

Source:NewYorkFedConsumerCreditPanel/Equifax

Note:*FourQuarterMovingSum,RatesfromCurrentto

30+DaysDelinquent,AllAccounts.RevisedMay2017.

38

PercentofConsumers*withNewForeclosuresby

State

PercentPercent

1.0

0.8

NV

NationalAverageFL

ILMI

NJNV

TXCA

OHNY

PAAZ

1.0

0.8

0.60.6

FL

0.40.4

CA

AZ

0.20.2

MI

NY

0.00.0

Source:NewYorkFedConsumerCreditPanel/EquifaxNote:*Basedonthepopulationwithacreditreport

39

PercentofConsumers*withNewBankruptciesby

State

PercentPercent

0.80.8

NationalAverageFL

ILMI

NJNV

0.6

TXCA

OHNY

PAAZ

0.6

NV

0.40.4

0.20.2

TX

0.00.0

Source:NewYorkFedConsumerCreditPanel/EquifaxNote:*Basedonthepopulationwithacreditreport

40

DataDictionary

TheFRBNYConsumerCreditPanelconsistsofdetailedEquifaxcredit-reportdataforauniquelongitudinalquarterlypanel

ofindividualsandhouseholdsfrom1999to2024.1Thepanelisanationallyrepresentative5%randomsampleofall

individualswithasocialsecuritynumberandacreditreport(usuallyaged19andover).Wealsosampledallother

individualslivingatthesameaddressastheprimarysamplemembers,allowingustotrackhousehold-levelcreditanddebt

forarandomsampleofUShouseholds.Theresultingdatabaseincludesapproximately44millionindividualsineach

quarter.MoredetailsregardingthesampledesigncanbefoundinLeeandvanderKlaauw(2010).2Acomprehensive

overviewofthespecificcontentofconsumercreditreportsisprovidedinAvery,Calem,CannerandBostic(2003).3

Thecreditreportdatainourpanelprimarilyincludesinformationonaccountsthathavebeenreportedbythecreditorwithin

3monthsofthedatethatthecreditrecordsweredrawneachquarter.Thus,accountsthatarenotcurrentlyreportedonare

excluded.Suchaccountsmaybeclosedaccountswithzerobalances,dormantorinactiveaccountswithnobalance,or

accountsthatwhenlastreportedhadapositivebalance.Thelatteraccountsincludeaccountsthatwereeithersubsequently

sold,transferred,orpaidoffaswellasaccounts,particularlyderogatoryaccounts,thatarestilloutstandingbutonwhichthe

lenderhasceasedreporting.AccordingtoAveryetal(2003),thelattergroupofnoncurrentlyreportingaccounts,with

positivebalanceswhenlastreported,accountedforapproximately8%ofallcreditaccountsintheirsample.Forthevast

majorityoftheseaccounts,andparticularlyformortgageandinstallmentloans,additionalanalysissuggestedtheyhadbeen

closed(withzerobalance)ortransferred.4Ourexclusionofthelatteraccountsiscomparabletosome‘staleaccountrules’

usedbycreditreportingcompanies,whichtreatnoncurrentlyreportingrevolvingandnonrevolvingaccountswithpositive

balancesasclosedandwithzerobalance.

Allfiguresshowninthetablesandgraphsarebasedonthe5%randomsampleofindividuals.Toreduceprocessingcosts,we

drewa2%randomsubsampleoftheseindividuals,meaningthattheresultspresentedherearefora0.1%randomsampleof

individualswithcreditreports,orapproximately267,000individualsasofQ12017.5Incomputingseveralofthesestatistics,

accountwastakenofthejointorindividualnatureofvariousloanaccounts.Forexample,tominimizebiasesduetodouble

counting,incomputingindividual-leveltotalbalances,50%ofthebalanceassociatedwitheachjointaccountwasattributed

tothatindividual.Per-capitafiguresarecomputedbydividingtotalsforoursamplebythetotalnumberofpeopleinour

sample,sothesefiguresapplytothepopulationofindividualswhohaveacreditreport.

IncomparingaggregatemeasuresofhouseholddebtpresentedinthisreporttothoseincludedintheBoardofGovernor’s

FlowOfFunds(FoF)Accounts,thereareseveralimportantconsiderations.First,amongthedifferentcomponentsincludedin

theFoFhouseholddebtmeasure(whichalsoincludesdebtofnonprofitorganizations),ourmeasuresaredirectlycomparable

totwoofitscomponents:homemortgagedebtandconsumercredit.Totalmortgagedebtandnon-mortgagedebtinthethird

quarterof2009wererespectively$9.7and$2.6trillion,whilethecomparableamountsintheFoFforthesamequarterwere

1Notethatreportedaggregates,especiallyin2003-2004,mayreflectsomedelaysinthereportingofstudentloansbyservicerstocredit

bureauswhichcouldleadtosomeundercountingofstudentloanbalances.QuarterlydatapriortoQ12003,excludingstudentloans,will

remainavailableontheHouseholdCreditwebpage.

2Lee,D.andW.vanderKlaauw,“AnintroductiontotheFRBNYConsumerCreditPanel”,[2010].

3Avery,R.B.,P.S.Calem,G.B.CannerandR.W.Bostic,“AnOverviewofConsumerDataandCreditReporting”,FederalReserve

Bulletin,Feb.2003,pp47-73.

4Averyetal(2003)foundthatformanynonreportedmortgageaccountsanewmortgageaccountappearedaroundthetimetheaccount

stoppedbeingreported,suggestingarefinanceorthattheservicingwassold.Mostrevolvingandopennon-revolvingaccountswitha

positivebalancerequiremonthlypaymentsiftheyremainopen,suggestingtheaccountshadbeenclosed.Noncurrentlyreporting

derogatoryaccountscanremainunchangedandnotrequiringupdatingforalongtimewhentheborrowerhasstoppedpayingandthe

creditormayhavestoppedtryingtocollectontheaccount.Averyetalreportthatsomeoftheseaccountsappearedtohavebeenpaidoff.5

Duetorelativelylowoccurrenceratesweusedthefull5%sampleforthecomputationofnewforeclosureandbankruptcyrates.

Additionally,tocaptureandaccountforservicerdiscrepancies,weusedthe1%sampleforstudentloandata.Forallothergraphs,we

foundthe0.1%sampletoprovideaverycloserepresentationofthe5%sample.

41

$10.3and$2.5trillion,respectively.6Second,adetailedaccountingfortheremainingdifferencesbetweenthedebtmeasures

frombothdatasourceswillrequireamoredetailedbreakdownanddocumentationofthecomputationoftheFoFmeasures.7

Loantypes.Inouranalysiswedistinguishbetweenthefollowingtypesofaccounts:mortgageaccounts,homeequity

revolvingaccounts,autoloansandleases,bankcardaccounts,studentloansandotherloanaccounts.Mortgageaccounts

includeallmortgageinstallmentloans,includingfirstmortgagesandhomeequityinstallmentloans(HEL),bothofwhich

areclosed-endloans.HomeEquityRevolvingaccounts(akaHomeEquityLineofCreditorHELOC),unlikehomeequity

installmentloans,arehomeequityloanswitharevolvinglineofcreditwheretheborrowercanchoosewhenandhowoften

toborrowuptoanupdatedcreditlimit.AutoLoansareloanstakenouttopurchaseacar,includingleases,providedby

automobiledealersandautomobilefinancingcompanies.Bankcardaccounts(orcreditcardaccounts)arerevolvingaccounts

forbanks,bankcardcompanies,nationalcreditcardcompanies,creditunionsandsavings&loanassociations.StudentLoans

includeloanstofinanceeducationalexpensesprovidedbybanks,creditunionsandotherfinancialinstitutionsaswellas

federalandstategovernments.TheOthercategoryincludesConsumerFinance(salesfinancing,personalloans)andRetail

(clothing,grocery,departmentstores,homefurnishings,gasetc)loans.

Ouranalysisexcludesauthorizedusertrades,disputedtrades,lost/stolentrades,medicaltrades,child/familysupporttrades,

commercialtradesand,asdiscussedabove,inactivetrades(accountsnotreportedonwithinthelast3months).

Totaldebtbalance.Totalbalanceacrossallaccounts,excludingthoseinbankruptcy.

Numberofopen,newandclosedaccounts.Totalnumberofopenaccounts,numberofaccountsopenedwithinthelast12

months.Numberofclosedaccountsisdefinedasthedifferencebetweenthenumberofopenaccounts12monthsagoplus

thenumberofaccountsopenedwithinthelast12months,minusthetotalnumberofopenaccountsatthecurrentdate.

Inquiries.Numberofcredit-relatedconsumer-initiatedinquiriesreportedtothecreditreportingagencyinthepast6months.

Only‘hardpulls’areincluded,whicharevoluntaryinquiriesgeneratedwhenaconsumerauthorizeslenderstorequesta

copyoftheircreditreport.Itexcludesinquiriesmadebycreditorsaboutexistingaccounts(forexampletodetermine

whethertheywanttosendthecustomerpre-approvedcreditapplicationsortoverifytheaccuracyofcustomer-provided

information)andinquiriesmadebyconsumersthemselves.Notethatinquiriesarecreditreportingcompanyspecificandnot

allinquiriesassociatedwithcreditactivitiesarereportedtoeachcreditreportingagency.Moreover,thereportingpractices

forthecreditreportingcompaniesmayhavechangedduringtheperiodofanalysis.

Highcreditandbalanceforcreditcards.Totalamountofhighcreditonallcreditcardsheldbytheconsumer.Highcredit

iseitherthecreditlimit,orhighestbalanceeverreportedduringhistoryofthisloan.AsreportedbyAveryetal(2003)theuse

ofthehighest-balancemeasureforcreditlimitsonaccountsinwhichlimitsarenotreportedlikelyunderstatestheactual

creditlimitsavailableonthoseaccounts.

HighcreditandbalanceforHERevolving.Sameasforcreditcards,butnowappliedtoHELOCs.

Creditutilizationrates(forrevolvingaccounts).Computedasproportionofavailablecreditinuse(outstandingbalance

dividedbycreditlimit),andforreasonsdiscussedabovearelikelytooverestimateactualcreditutilization.

6FlowofFundsAccountsoftheUnitedStates,FlowsandOutstandings,ThirdQuarter2009,BoardofGovernors,TableL.100.

7Ourdebttotalsexcludedebtheldbyindividualswithoutsocialsecuritynumbers.Additionalinformationsuggeststhattotaldebtheldby

suchindividualsisrelativelysmallandaccountsforlittleofthedifference.

42

Delinquencystatus.Varie