1Q2020 Report on Household Debt and Credit: Report Shows Minimal Effect Of Coronavirus
from the New York Fed
The New York Fed’s Center for Microeconomic Data today released the Quarterly Report on Household Debt and Credit for the first quarter of 2020. It reveals that total household debt increased by $155 billion, or 1.1 percent, to reach $14.3 trillion in the first quarter of 2020. Mortgage balances rose by $156 billion, while nonhousing debt balances remained relatively flat. Credit card balances declined by a larger-than-expected degree, based on seasonal patterns, but it is too soon to confidently assess any connection between this decline and the coronavirus outbreak.
Source: http://econintersect.com/pages/releases/release.php?post=202005051239
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