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Newsletter
How Similar Are Credit Scores Across Generations?
Rajan, Aastha; Mazumder, Bhashkar; Hartley, Daniel (2019)
With the rise in economic inequality in the United States in recent decades, there has been growing concern about whether there is a sufficient degree of equality of opportunity in our society. Policymakers and researchers alike often focus on studies of intergenerational mobility as a way of assessing opportunity. These studies typically analyze distinct aspects of socioeconomic status, such as income, education, occupational status, and health, and measure the association in these outcomes between parents and their adult children.1 If the association (level of similarity) is very high, then ...
Chicago Fed Letter

Discussion Paper
What Happens during Mortgage Forbearance?
Haughwout, Andrew F.; Lee, Donghoon; Scally, Joelle; Van der Klaauw, Wilbert (2021-05-19)
As we discussed in our previous post, millions of mortgage borrowers have entered forbearance since the beginning of the pandemic, and more than 2 million remain in a program as of March 2021. In this post, we use our Consumer Credit Panel (CCP) data to examine borrower behavior while in forbearance. The credit bureau data are ideal for this purpose because they allow us to follow borrowers over time, and to connect developments on the mortgage with those on other credit products. We find that forbearance results in reduced mortgage delinquencies and is associated with increased paydown of ...
Liberty Street Economics , Paper 20210519b

Working Paper
The Credit Card Act and Consumer Debt Structure
Ronen, Joshua; Jagtiani, Julapa; Dou, Yiwei; Maingi, Ramain Quinn (2020-08-05)
We investigate whether the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 influenced the debt structure of consumers. By debt structure, we mean the proportion of total available credit from credit cards for each consumer.The act enhances disclosures of contractual and related information and restricts card issuers’ ability to raise interest rates or charge late or over-limit fees, primarily affecting non-prime borrowers. Using the credit history via the Federal Reserve Bank of New York/Equifax Consumer Credit Panel during 2006–2016, we find that the average ...
Working Papers , Paper 20-32

Report
2023 Survey and Diary of Consumer Payment Choice
Foster, Kevin; Greene, Claire; Stavins, Joanna (2024-06-03)
For 2023, the Survey and Diary of Consumer Payment choice found the following: • US consumers made more payments in 2023. o Compared to October 2022, there were statistically significant increases in the number of all payments (to 45.6 on average per month), in the number of all types of card payments (29.5), and in payments via mobile app (13). o The share of purchases made remotely increased to 22 percent, up 4 percentage points from 2022 and more than double the share of remote purchases before the COVID-19 pandemic. • Mobile has won over three-quarters of US consumers. o 72 percent of ...
Consumer Payments Research Data Reports , Paper 2024-01

Report
2019 Diary of Consumer Payment Choice
Greene, Claire; Stavins, Joanna (2020-06-15)
In October 2019, almost half of all payments (43 percent) U.S. consumers made were for groceries, gas, and shopping, both in person and online. The distribution was different by value, as 40 percent of payments were for financial services, including mortgages, credit card bills, other loan payments, insurance, investments, and so on. The most commonly used payment instruments were debit cards, cash, and credit cards, which jointly accounted for 80 percent of all payments by number and 37 percent by value. By value, about 40 percent of consumer payments were made via ACH payments, executed ...
Consumer Payments Research Data Reports , Paper 2020-04

Report
Personal Bankruptcy Protection and Household Debt
Severino, Felipe; Brown, Meta; Chakrabarti, Rajashri (2024-04-01)
Increasing personal bankruptcy protection raises consumers’ desire to borrow and lenders’ cost of extending credit; the impact on equilibrium borrowing is ambiguous. Using bankruptcy protection changes between 1999 and 2005 across U.S. states, we find that borrowers respond to greater protection by increasing their unsecured debt. Border county estimates suggest that local economic conditions do not drive these results. Borrowers pay more for protection through higher interest rates, yet delinquency is unaffected. Remarkably, our results indicate that rising borrower demand outstripped ...
Staff Reports , Paper 1099

Discussion Paper
Credit Card Markets Head Back to Normal after Pandemic Pause
Haughwout, Andrew F.; Lee, Donghoon; Mangrum, Daniel; Scally, Joelle; Van der Klaauw, Wilbert (2023-08-08)
Total household debt balances increased by $16 billion in the second quarter of 2023, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. This reflects a modest rise from the first quarter. Credit card balances saw the largest increase of all debt types—$45 billion—and now stand at $1.03 trillion, surpassing $1 trillion in nominal terms for the first time in the series history. After a sharp contraction in the first year of the pandemic, credit card balances have seen seven quarters of year-over-year growth. The ...
Liberty Street Economics , Paper 20230808

Working Paper
Household Credit and Local Economic Uncertainty
Ramcharan, Rodney; DiMaggio, Marco; Kermani, Amir; Yu, Edison (2017-08-03)
This paper investigates the impact of uncertainty on consumer credit outcomes. We develop a local measure of economic uncertainty capturing county-level labor market shocks. We then exploit microeconomic data on mortgages and credit-card balances together with the crosssectional variation provided by our uncertainty measure to show strong borrower-specific heterogeneity in response to changes in uncertainty. Among high risk borrowers or areas with more high risk borrowers, increased uncertainty is associated with housing market illiquidity and a reduction in leverage. For low risk borrowers, ...
Working Papers , Paper 17-21

Working Paper
Credit card utilization and consumption over the life cycle and business cycle
Schuh, Scott; Fulford, Scott L. (2017-09-01)
The revolving credit available to consumers changes substantially over the business cycle, life cycle, and for individuals. We show that debt changes at the same time as credit, so credit utilization is remarkably stable. From ages 20?40, for example, credit card limits grow by more than 700 percent, and yet utilization holds steadily at around 50 percent. We estimate a structural model of life-cycle consumption and credit use in which credit cards can be used for payments, precautionary smoothing, and life-cycle smoothing, uniting their monetary and revolving credit functions. Our estimates ...
Working Papers , Paper 17-14

Report
2022 Survey and Diary of Consumer Payment Choice
Foster, Kevin; Greene, Claire; Stavins, Joanna (2023-06-13)
In October 2022, US consumers reported making 39 payments per month on average, unchanged from 2021 when adjusted for questionnaire changes. As a share of all payments by number, most payments were by credit card (31 percent) or debit card (29 percent). By value, 43 percent of payments value was made electronically from a bank account using one of two ACH methods and 35 percent were made using a card (debit, credit, or prepaid).
Consumer Payments Research Data Reports , Paper 2023-03

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